"Since the tax was introduced Harbour energy has cut around 700 jobs in total, this includes 250 offshore jobs in Scotland. The windfall tax was introduced by the Tory government then Labour decided to keep it in place until 2030, firms have to give the Treasury around 78% of their profits. Harbour said their situation has been made worse after the government decided to retain energy profits levy in Rachel Reeves Autumn Budget last Wednesday."
"The offshore reorganisation is a necessary step to align our operating model with reduced activity and production levels in the UK, accelerated by the retention of the energy profits levy (EPL), while maintaining our commitment to safety and regulatory standards. Harbour's UK business unit will continue to struggle to compete for capital within our global portfolio while the EPL remains. The future structure of our offshore workforce must adapt to reflect these realities."
Harbour Energy plans to cut around 100 North Sea jobs after a review of UK operations, citing lower commodity prices and an "uncompetitive tax regime." The company says the retention of the energy profits levy (EPL) in the Autumn Budget has accelerated reduced activity and production levels, making the UK unit less able to compete for global capital. Since the EPL was introduced, Harbour has cut about 700 roles, including 250 offshore positions in Scotland. Management frames the offshore reorganisation as necessary to align the operating model while maintaining safety and regulatory standards, but acknowledges difficulty for affected colleagues.
Read at London Business News | Londonlovesbusiness.com
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