Dolphin Drilling Tax Strategy and Principles December 2017

About DDL

Dolphin Drilling is a sub-group of the Norwegian headquartered group, Fred. Olsen Energy ASA. A well-established name in offshore drilling, Dolphin Drilling operate as an international drilling contractor specialising in the mid and ultra-deep water segment, providing exploration and production services to the offshore oil and gas industry internationally.

 

Approach to governance and tax planning

  • DDL aims to observe all applicable laws, rules and regulations in meeting the group’s tax compliance and reporting responsibilities in all jurisdictions where the business operates, and ensures that appropriate management structures are put in place to meet those obligations.
  • In completing the group’s tax compliance requirements, DDL aims to apply diligent professional care and judgement, including ensuring all decisions are taken at the relevant level and supported with documentation that evidences the judgements involved.
  • Tax strategy follows where appropriate, business and commercial strategy. The commercial reality of DDL’s operations take precedence over other considerations and tax planning opportunities are evaluated and risk assessments carried out within clear risk parameters.
  • Whilst DDL does seek to make use of appropriate reliefs and allowances where available and in accordance with applicable laws, DDL’s policy is not to take aggressive tax positions or use artificial tax avoidance arrangements.

 

Approach to risk management

  • DDL recognise that the volume and complexity of transactions within the group, together with recent developments in the external environment have raised the profile of tax.
  • DDL aims to ensure that all personnel with tax responsibilities, or whose business activities are likely to have a significant tax impact, have an understanding of how tax risk is identified, assessed and managed by providing appropriate training and support. This enables DDL personnel to develop into talented and competent professionals, to meet their developmental needs and remain motivated and challenged in their roles.
  • DDL use external advisers to provide tax technical expertise to ensure compliance with reporting obligations and to provide additional resources based on an assessment of risk and requirements, where a need for external support is identified.
  • All accountability and drivers of tax risk and tax value are owned and monitored by the Board. The Board delegates day to day management and responsibility for tax matters to the DDL finance team who are accountable to and report regularly to the Board.

 

Awareness of reputation and relations with tax authorities

  • DDL aims to be open and transparent with tax authorities in relation to the group’s tax affairs and to disclose relevant information to enable tax authorities to carry out their review.
  • DDL aims to work positively, pro-actively and transparently with tax authorities to create a positive effective working environment, minimise the extent of disputes, to achieve early agreement on disputed issues when they arise and to achieve certainty, wherever possible.
  • DDL aims to ensure compliance with all relevant legal disclosure requirements.

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