Sevan Marine has resolved a tax dispute with the Norwegian tax authorities – and will be refunded the full amount it paid as part of the dispute.
In January 2016, the company received a decision from Skatt Sør (Norwegian tax authorities) that the tax assessment for 2012 had been adjusted due to losses on intra-group receivables after the sale of FPSO Hummingbird during a 2011-12 restructuring.
Sevan Marine’s chief executive Reese McNeel said: “We are very pleased that the tax authorities have agreed to no longer pursue this matter. This decision will lead to a positive NOK 40.9 million accounting gain and a cash reimbursement of over NOK 31.7 million.”
The company paid the full amount of tax, interest and penalty tax of NOK 40.9 million in December 2015 and the additional tax interest of NOK 31.7 million in February last year.
The decision will see Sevan Marine being refunded the NOK 31.7 million paid in February 2016 plus interest.
The remaining accrual in the accounts of NOK 9.2 million for penalty tax will also be reversed in Q2 this year.
Sevan Marine will pursue the reimbursement of expenses occurred in disputing the case.
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