Information on Federal Contractors That Are Incorporated Offshore Page: 3 of 8
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Table 1: Federal Contractors, out of the Top 100 Publicly Traded Federal
Contractors, Incorporated in a Tax Haven Country
Federal contract
obligations
FY 2001
(dollars in Incorporation Incorporation
Name of corporation thousands) location date
McDermott International, 1,885,243 Panama 1983
Inc.
Foster Wheeler, Ltd. 286,298 Bermuda 2001
Accenture, Ltd. 278,990 Bermuda 2001
Tyco International, Ltd. 206,387 Bermuda 1997
Source: GAO analysis of General Services Administration contract data and SEC records.
The four corporations accounted for about $2.7 billion for contract obligations in
fiscal year 2001, which is about 2.6 percent of the $102 billion in federal contract
obligations awarded to the top 100 publicly traded corporations. (See enc. I for a list
of the top 100 publicly traded federal contractors.)
Three of the four corporations (McDermott International, Inc., Foster Wheeler, Ltd.,
and Tyco International, Ltd.) have engaged in transactions that have been
characterized as inversions.4 The enclosure provides more information on how the
four corporations became incorporated offshore.
We are sending copies of this letter to the Chairman of the House Committee on
Government Reform and the Chairman of the Subcommittee on Technology and
Procurement Policy of the House Committee on Government Reform; the Chairmen
and Ranking Minority Members of the House Committee on Ways and Means and the
Senate Committee on Finance; and other interested parties. We will also make copies
available to others upon request. In addition, this letter will be available at no charge
on the GAO Web site at http://www.gao.gov.
If you or your staff have any questions, please contact me on (202) 512-9110 or Ralph
Block on (415) 904-2150.
James R. White
Director, Tax Issues
Enclosure
4 New York State Bar Association Tax Section, Report on Outbound Inversion Transactions, Report
No. 1014 (Albany, N.Y.: May 24, 2002) and Congressional Research Service, Firms That Incorporate
Abroad for Tax Purposes: Corporate "Inversions" and "Expatriation" (Washington, D.C.: Sept. 20,
2002).GAO-03-194R Federal Contractors Incorporated Offshore
Page 3
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United States. General Accounting Office. Information on Federal Contractors That Are Incorporated Offshore, text, October 1, 2002; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc298251/m1/3/: accessed April 24, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.