Oil & Gas - Services: Case Study 3

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.

Our Approach

  • Prepared and presented a proposal to the client to restructure the group, removing one layer of the corporate structure and removing with it the exposure in that country
  • The group has limited in-house financial expertise, so we provided full project management, all financial accounting input, and UK tax advice
  • Through our international network and by working with other firms, we pulled in accounting, legal and tax advice in Cyprus, the Netherlands and Norway, dealing directly with those firms on behalf of the client

The Benefits to the Client

  • Significant reduction in annual compliance requirements, with associated saving in compliance costs
  • Reduced administrative burden, freeing up finance staff to do more valuable activities
  • Reduced tax exposure across the group

The Plus Factor in Action

  • We helped our client make money by reducing the compliance costs – in the region of $40k p.a.
  • We saved our client time by providing full project management – keeping management updated and seeking their input where needed throughout the project and reducing administration with fewer legal entities
  • We gave our client peace of mind by working with in-country tax and legal advisors to ensure everything was executed correctly, including handling the liquidation process
  • We supported them now and in the future by leaving them with a more appropriate group structure
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Key Contact

John Black
Partner

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+44 1224 625111

Our Plus Factor

Our Plus Factor

Our Global Reach

Our Global Reach