UK Tax Triggers North Sea Layoffs | Aviation International News

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UK Tax Triggers North Sea Layoffs

Contagion spreads to offshore helicopter operators

Airbus H225 and oil rig — © Airbus

By Mark Huber • Contributor

February 25, 2024

In 2022, the UK raised the profits tax on North Sea oil and gas producers from 40 to 75 percent through 2028, raising $3.51 billion in its first year. Proceeds are partially directed as rebates to homeowners to partly cover the cost of inflated heating bills.

Offshore Energies UK (OEUK), the trade association of the nation’s more than 400 offshore industries and organizations, estimates the move drove 90 percent of offshore energy firms to reduce spending in the region and that a continued lack of investment would lead to production cuts of 80 percent by 2030.

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