23 July 2014
Bibby Offshore Hosts Osborne ‘Future of North Sea’ Discussion
It is pleasing when our clients are given the recognition they deserve for what they are doing for both the economy and the oil and gas industry.
Award-winning subsea installation contractor, Bibby Offshore, was selected for a visit from Chancellor of the Exchequer George Osborne to its innovative storage and maintenance facility in Aberdeenshire, on Tuesday 22 July.
It is extremely positive that Bibby Offshore is being acknowledged for its investment into facilities and staff in the North Sea Region. Bibby Offshore and sister company Bibby Remote Intervention Limited, has grown from 10 employees in 2003 to now employing more than 1,300 people onshore and offshore worldwide, with offices in Aberdeen, Liverpool, Newcastle, Houston, Singapore and Trinidad.
The visit to Bibby Offshore’s new purpose-built Westhill facility, The Hangar, which was opened earlier this year, provided a backdrop for the Chancellor, where he announced the Government has published a consultation on a new cluster area allowance to encourage investment in ultra high pressure, high temperature oil and gas fields. The allowance will reduce the tax on a portion of a company’s profits from 62% to 30% at current rates.
The Chancellor was given a tour of Bibby Offshore’s new 50,000sqft state-of-the-art workshop and warehouse facility. He heard about the company’s further investment into its facilities; including the installation of a 16 tonne Gantry Crane and five separate workshops allowing for numerous specialities, such as dice hats and diver umbilical’s permitting Bibby Offshore full control of these previously outsourced functions.
Following his visit, Chancellor of the Exchequer George Osborne said: “This is another example of how we are backing investment that creates jobs across the UK. The UK’s oil and gas industry is one of the country’s greatest industrial success stories, and this allowance will help ensure we continue to maximise the benefits from the sector for decades to come.”