THERE are opportunities in recessions, a boss of Premier Oil told business leaders in Aberdeen last night.
Speaking at Robert Gordon University’s 2011 entrepreneurship dinner, Nigel Wilson, regional manager for the North Sea and west Africa, outlined two examples where the oil and gas firm had created opportunities where others had not seen value.
One was a joint venture with ConocoPhillips in the far east which now means what had been stranded gas provides 50% of power for Singapore.
The second was its purchase of Oilexco out of administration in 2009, which Mr Wilson described as the “cornerstone of Premier’s resurgence in the North Sea”.
To be entrepreneurial, however, he said firms had to have a strong balance sheet and make the right decisions.
“It is important to keep a strong balance sheet,” added Mr Wilson. “A characteristic of all recessions is it is difficult to raise money.
“You need to raise finance whenever you can.”
Also speaking at the event, called Opportunities In Recession, was Aberdeen Asset Management (AAM) chief executive Martin Gilbert.
He said that the true test of entrepreneurship was how entrepreneurs tackled adversity.
AAM saw a major turnaround in its fortunes following the successive blows of a bear market, client outflows and the near-collapse of the split-capital investment trust sector, in which it was one of the UK’s top players.