Keep pace with ferry and fast craft developments. FERRIES AND FAST CRAFT NEWS

(click on image to subscribe)

May 4, 2004

Canada lifts MODU import duty

R. John Efford, Canada's Minister of Natural Resources Canada, has announced a trial five-year moratorium on duties imposed on the temporary importation of mobile offshore drilling units (MODUs).

He made the announcement while attending the Offshore Technology Conference in Houston, Texas.

"By lowering exploration costs, this moratorium will increase the competitiveness of Canadian offshore drilling in the global marketplace," said the Minister. "This decision will contribute to the Canadian economy, particularly in the region of Atlantic Canada."

The Canadian Association of Petroleum Producers and the Canadian Association of Oilwell Drilling Contractors consider the duties on these units to be an impediment to increased offshore drilling activity.

The decision to provide a five-year moratorium on these duties will contribute to lowering offshore oil and gas exploration costs in Canada.

Before making its decision, the Government of Canada held extensive consultations with oil and gas explorers, the Shipbuilding and Industrial Marine Advisory Committee and the Atlantic provinces.

Tell a friend: