North Sea Oil Firm Seeks Controversial Tax Break to Cement Sale

Welcome to The Brink. I’m Constantine Courcoulas, a reporter in London following the courtroom drama play out between a North Sea oil producer and the UK tax authority. We also have news on an attempt by satirical news site The Onion to gain control of a right-wing conspiracy theorist’s website. Follow this link to subscribe. Send us feedback and tips at debtnews@bloomberg.net.

Death and taxes are certain, Benjamin Franklin famously said. But in a London courtroom, Waldorf Production is testing the adage as it aims to shed tens of millions in tax liabilities to pave the way for its sale to Harbour Energy.

The North Sea oil producer’s latest restructuring proposes to cancel its tax bill, a condition for its acquisition. Harbour would not only escape Waldorf’s current payments but apply its losses to offset future liabilities, thus reaping potential savings of $900 million.