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- W63946885 abstract "The recent boom in day rates for rigs capable of drilling in deep water and harsh environments has created a frenzy of rig refurbishment activity in shipyards located in US Gulf states. In most instances, the destination for the rigs upon completion is the US Outer Continental Shelf (USOCS) in the Gulf of Mexico. The problem faced by contractors/operators planning to use US shipyards is that this circumstance has caused difficulty in shielding rigs and their foreign-sourced components from US Customs duties. Under US Customs law, a bona fide exportation requires severance from US commerce and joining to the commerce of some foreign country or, in the case of a vessel supply, a qualifying international voyage. The USOCS does not qualify as an exportation, nor do movements to drilling sites located on it qualify as an international voyage. Described here are two possible solutions to this economic dilemma and an example of how the foreign trade zone solution was applied by Global marine in its plans for upgrading some of its semisubmersible drilling rigs for deepwater USOCS work." @default.
- W63946885 created "2016-06-24" @default.
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- W63946885 date "1997-02-01" @default.
- W63946885 modified "2023-09-23" @default.
- W63946885 title "Saving money on rig refurbishments through foreign trade zones or duty-drawback" @default.
- W63946885 hasPublicationYear "1997" @default.
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