Friday, 5 October 2012

Tax drives oil rig firm HQ from Stavanger

Seadrill, the world's biggest offshore rig company according to this report from News and Views from Norway, is to move its corporate HQ from Stavanger. Possible destinations include Houston (Texas), London, Dubai and Singapore. The major reason is the tax régime in Norway.

The timing of the decision ("before year end") may be significant. By then, the result of the US presidential election will be known and the UK "autumn" statement will have been debated.

One trusts that the chancellor will not be tempted into loosening financial controls or reducing corporation tax further for the sake of attracting corporate tax tourists.

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