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BRIEF-Songa Offshore settles Australian tax dispute

Published 07/09/2015, 04:25 pm
Updated 07/09/2015, 04:27 pm
© Reuters.  BRIEF-Songa Offshore settles Australian tax dispute

Sept 7 (Reuters) - Songa Offshore SONGA.OL

* Has agreed to make a cash payment of AUD 1.2 million (approximately USD 0.8 million) to settle a claim in relation to the global restructuring implemented in May 2009, where the company in Australia changed from an owner operated structure to a bareboat structure

* A corresponding provision was made in the second quarter 2015 interim financial statement

* The potential liability for the primary withholding tax avoidance case for the 2009-2011 years was estimated at AUD 88.8 million, inclusive of interest and penalties. The case also included an alternative income tax avoidance case, for which the potential liability for the 2009-2011 years was estimated at AUD 24.2 million, inclusive of penalties and interest Source text for Eikon: ID:nHUG8xJt93 Further company coverage: PLCS.OL

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