OSVs to benefit from Oil & Gas fiscal reforms (UK)

The UK Chamber of Shipping, an association representing shipping companies in the UK, has welcomed the UK Chancellor’s announcement on the proposed fiscal reforms for the UK offshore oil and gas industry.

Chancellor George Osborne, in the Autumn Statement on Wednesday, announced a set of measures which should spur investment and increase oil and gas production from the UK North Sea.

In a statement on its website, the UK Chamber of Shipping has said that investment and growth in the offshore oil & gas sector will have a knock-on beneficial effect for the shipping industry, particularly in the offshore supply sector, and a positive long-term impact in terms of employment and contributions to the UK economy.

With around 150 members, the UK Chamber represents almost 1,000 vessels. The UK Chamber represents around 80 shipowners that have a corporate or operating base in the UK.

According to information found on the association’s website, shipping, ports and the maritime business and services sectors contribute £31.7bn to UK GDP, support 537,500 UK jobs and provide £8.5bn in tax receipts to the UK exchequer.