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Sunday, January 17, 2021

Internal Revenue Service News

Sutherland Continues Expansion in the Northeast

Sutherland Asbill & Brennan LLP has announced that Paul C. Freeman has joined the firm’s Energy, Environmental and Commodities Practice Group as counsel in the New York office. Prior to joining Sutherland, Freeman maintained a diverse practice as the principal of Freeman Law Group, LLC. His previous experience included serving as counsel at Dewey & LeBoeuf and working in the U.S. Environmental Protection Agency’s Office of General Counsel in Washington DC. Freeman brings more than 17 years of diverse experience advising clients in the energy…

Maritime & Offshore Employment: Contractors, Coverage and Confusion

Faststream USA Managing Director Eric Peters defines the risks in hiring contract workers in today’s marine and offshore markets, and lays out the course to mitigating those headaches. Recruitment, insurance and peace of mind – all rolled into one neat package. It’s no secret that the marine and offshore worlds require comprehensive insurance coverage in the event of an accident or emergency; however, the complex laws associated with contract workers mean that some employers are unaware of exactly what is needed to ensure their employees are properly covered.

Alexander & Baldwin Finalizes Financing

New A&B Will Have a Well-Capitalized Balance Sheet Providing Strong Liquidity and Financial Flexibility; Receives Favorable IRS Ruling on Tax-Free Nature of Planned Separation. Alexander & Baldwin Holdings, Inc. (NYSE: ALEX)  ("Company"), successor by merger to Alexander & Baldwin, Inc., today announced that, in connection with previously announced plans to separate its transportation and land businesses into two publicly traded companies, it has entered into new financing arrangements for the land business ("New A&B").

OMSA Says Offshore Jobs Should Go to Americans

The Offshore Marine Service Association (OMSA),  the association representing the owners and operators of the U.S. “We strongly support efforts to expand our offshore energy resources, whether through opening new areas for oil and gas leasing or alternative sources like wind power and wave generation. This will help America achieve energy independence and create jobs at the same time. Energy expansion offshore and American jobs are connected. But we need to call attention to the fact that an alarming and growing number of foreign vessels are working offshore…

Northrop Grumman Q4 2009 Results

Northrop Grumman Corporation (NYSE: NOC) reported Q4 2009 net earnings of $413 million, or $1.31 per diluted share, and 2009 net earnings of $1.7 billion, or $5.21 per diluted share. In 2008, the company reported a fourth quarter net loss of $2.5 billion, or $7.75 per diluted share, and a net loss for the year of $1.3 billion, or $3.77 per diluted share. 2008 fourth quarter and full year results were significantly impacted by a goodwill impairment charge. In December 2009, the company completed the sale of TASC, Inc.

IRS Focuses on Foreign Vessels Evaiding Taxes

The Offshore Marine Service Association (OMSA) applauded the Internal Revenue Service’s (IRS) recently posted directive to field officers establishing an issue management team in the wake of an IRS analysis indicating that a significant number of foreign vessels permitted to work in the U.S. offshore oil and gas industry aren’t complying with U.S. filing requirements. In the directive, posted last week on the IRS web site, Keith M. Jones, the IRS industry director of  Natural Resources and Construction (NRC)…

Northrop Grumman Q3 2009 Results

Northrop Grumman Corporation (NYSE: NOC) reported that third quarter 2009 earnings from continuing operations totaled $487 million, or $1.52 per diluted share, compared with $509 million, or $1.50 per diluted share, in the third quarter of 2008. Third quarter 2009 net pension adjustment (FAS/CAS) reduced earnings from continuing operations by $47 million, or $0.15 per diluted share, compared with an increase to earnings from continuing operations of $42 million, or $0.13 per diluted share, in the third quarter of 2008.