LASMO Drilling Rig Remission Order (SOR/92-239)

Short Title

1 This Order may be cited as the LASMO Drilling Rig Remission Order.

Remission

2 Subject to sections 3 and 4, remission is hereby granted of a portion of the customs duties paid or payable under the Customs Tariff on the drilling rig Rowan Gorilla III imported by LASMO Nova Scotia Limited for use in the Cohasset/Panuke Oil Development Project.

3 The remission of the duty on the rig referred to in section 2 shall be an amount equal to the difference between:

• (a) the customs duties on 1/120th of the value for duty of the rig calculated in accordance with section 4 of the Vessel Duties Reduction or Removal RegulationsFootnote ¹ and,

  • Return to footnote ¹SOR/90-304, 1990 Canada Gazette Part II, p. 2246

• (b) the customs duties on 1/120th of the value for duty of the rig that would apply if the rig were imported on January 1 of each year that it remains in Canadian customs waters.

Condition

4 The remission referred to in sections 2 and 3 is granted on condition that a claim for the remission is made to the Minister of National Revenue no later than two years following the end of each year the rig remains in Canadian customs waters.