- 21st July 2021
- Posted by: Awilco Drilling
- Category: 2021
WilHunter (UK) Limited, a wholly-owned subsidiary of Awilco Drilling PLC has been unsuccessful in its appeal to the First-tier Tribunal against an assessment to UK corporation tax of £6.8 million, in connection with the tax treatment of a fee arising in 2015 on the termination of a drilling contract for the WilHunter rig.
WilHunter (UK) Limited believes that there are procedural and substantive grounds for challenging the decision made by the First-tier Tribunal, and will be making an application to the Tribunal for the decision to be set aside and re-made. Subject to the outcome of this application, WilHunter (UK) Limited will also consider applying for permission to appeal to the Upper Tribunal.
WilHunter (UK) Limited will be liable to pay the disputed tax to HMRC pending any further decision in the appeal proceedings. As previously communicated, Awilco Drilling PLC considers this as a liability only of the subsidiary company.
Aberdeen, 21 July 2021
For further information please contact:
Eric Jacobs, Interim CEO
Phone: +44 1224 737900
Cathrine Haavind, IR Manager
Phone: +47 93 42 84 64
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.