Songa loses exit tax case related to Cyprus move

Listed drilling company Songa Offshore has lost a case against the Norwegian tax office, which raised the company's taxable income by NOK 1.8 billion when Songa moved to Cyprus.

Photo: Semco

The Oslo District Court has sided with the Norwegian tax office in a case against drilling company Songa Offshore. The case dates back to 2009, when Songa moved the ownership of the company as well its rigs to a company registered in Cyprus.

The Norwegian authorities claimed that the move triggered a NOK 1.8 billion (EUR 199 million) increase in Songa Offshore's taxable income, leading to a tax payment of around USD 10 million for 2016, informs Songa Offshore in a brief to the Oslo Stock Exchange.

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