The various industries across the energy sector have been experiencing disruptive business challenges and have found themselves having to adapt to survive whilst also facing technological and regulatory changes. Our specialist team have the experience and in-depth industry knowledge to assist businesses in this sector adjust their approach in an industry which is being reshaped, become more efficient and develop new strategies for sustainable growth. We understand the business risks and work with our clients to develop plans which manage or avoid these risks, capitalise on opportunities and create competitive advantage globally.
We were introduced to an early stage E&P company and had the opportunity to meet the management team while they were evaluating acquisition opportunities. We subsequently carried out due diligence on a potential African acquisition, identifying a number of issues around transfers in ownership.
We were approached by an overseas national oil company because their existing outsourced accounting providers had limited E&P knowledge and had made some unusual requests for information from Operators. This company had no personnel based in the UK.
A UK energy company requiring tax compliance advice for their Global workforce under a modified arrangement including a compliant approach to payroll. Review of the real cost of global mobility and the global tax policy.
We were approached by an established E&P operator with assets and interests in throughout Europe and Africa to assist them with their financial reporting obligations and corporation tax compliance together with other tax issues. We effectively became the group’s in-house tax function to guide them in all aspects of taxation, both UK and overseas. We played a key role in getting their financial statements signed off, have prepared their corporation tax returns. We are assisting them in developing a wider tax strategy for the group as a whole, whilst at the same time regularising historic issues and weaknesses with internal policies and procedures.
In 2019 we mobilised at short notice a team to supplement a client’s inhouse finance team to convert historic financial information of entities being acquired from UK GAAP to IFRS for inclusion in a pro-forma prospectus document for submission to the UK Listing Authority to allow the company’s shares to be readmitted for trading on the London Stock Exchange.
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.
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.
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.
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.
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.
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.
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.
