Tullow Looks at No Deal Brexit Implications
Tullow, which employs a number of EU nationals in the UK, has stated in its latest results statement that its board is concerned about the uncertainty that a No Deal Brexit would cause these “much-valued members of staff”.
In its results statement, Tullow also said its board recognises that a No Deal Brexit could cause “significant” regulatory, legal and financial uncertainty with regard to Tullow’s decommissioning programme in the UK North Sea.
“Operators would have to be carefully guided by the Department for Business, Energy and Industrial Strategy as to exactly how decommissioning programs should be executed and what tariffs or fees, if any, should be applied to non-UK service providers,” Tullow stated.
In the results statement, published on Tullow’s website on the 13th February, the company revealed that its board believes Tullow’s business, assets and operations will not be “materially” affected by Brexit.
Tullow reported revenue of US$1.9 billion and an operating profit of US$528 million for 2018.
This compared with revenue of US$1.7 billion and operating profit of US$22 million in 2017.
The company’s profit after tax for 2018 was US$85 million. In 2017, Tullow reported a loss of US$175 million after tax.
Source: Rigzone