Oil & Gas - Services

Oilfield services companies providing assets, maintaining facilities, training and developing personnel both in the UK and globally typically have strict reporting deadlines and can be involved in complex contracts across a variety of jurisdictions. AAB have experience and the specialist staff who can project manage your accounting or business requirements from start to successful completion, including assurance and advisory, tax compliance, corporate finance and other business support services to clients in this part of the Oil & Gas sector.

Case Studies

Background

Norwegian Group setting up a company in the UK with focus on developing improved technology for supporting plug and abandonment services. Technical team in UK was supported by relatively small Norwegian management and finance team.

Background

Oil services company with worldwide activities required renewal and extension of banking facilities to support organic growth and finance a business acquisition in North America.

Background

A small but internationally focused company providing specialised drilling services to the oil and gas sector. It was identified that the existing corporate structure was no longer serving the originally intended purpose, leaving the group exposed to unnecessary risks and increased compliance costs. The corporate structure had entities incorporated in three different countries, with branches in a further two countries.

Background

Due to generic clauses contained in a contract held between our client and a large multinational oil and gas company, our client, who was in effect a specialist labour supplier, had inadvertently created a Norwegian Corporation Tax ("CT") charge on their Norwegian profit. This would not have been the case if the contract had, from the outset, reflected the actual facts of the relationship, in that this represented a supply of labour, as opposed to provision of services. The Norwegian Tax Authorities deemed our client to be liable to Norwegian CT on the basis of the contract wording only.

Background

We were engaged by an oil and gas services company to assist with a dispute with one of their main customers. The client’s customer was refusing to pay the sales invoices whilst the VAT treatment was in dispute. This is a common issue for our clients as HMRC are regularly disallowing input tax charged by suppliers in error following incorrect application of the place of supply rules.

Background

Successful UK based Oil & Gas technology business with core market in the North Sea. Ageing senior management team and shareholder group retained all company knowledge but had no business strategy or succession plan to address future change. Significant gap in age and competence in the company as well as increased business risk and diminished longer term sustainability, exit value and retirement opportunity.

Background

Successful UK based Oil & Gas service company with international presence. Owner managed by two families all of them working in the business with one family looking to exit.

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Key Contact

John Black
Partner

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+44 1224 625111

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