Super Puma maker Airbus highlights rise in helicopter sales
The manufacturer of the ill-fated Super Puma reported a 20% drop in third quarter earnings although sales of helicopters rose.
“Big blow” as bondholders reject deal and liquidate Xcite Energy
Bondholders of the owner of a key North Sea field have rejected a restructuring plan and have moved to call in liquidators.
UK energy policy leaves investors scratching heads
The UK renewable energy sector has continued to lose its appeal in the eyes of investors, dropping to a new all-time low, a new report has revealed.
Aberdeen shop closures remain low despite oil downturn
More stores shut up shop in Scotland in the first half of the year as a result of rising costs and the pressures of trading online takes its toll, a report has found.
Shipping arrivals boost for Lerwick despite drop in oil and gas business
A diverse range of traffic meant that shipping arrivals rose at Lerwick Harbour despite oil and gas business dropping by more than a fifth.
Profits dip at Ledingham Chalmers after oil and gas impact
Profits dipped at Ledingham Chalmers as the Scottish law firm admitted it was "not immune" to economic difficulties including the oil and gas downturn.
Aberdeen SMEs to miss out on cash, after council failed to apply
Small and medium sized businesses in the north-east will get only 1% of a £25million European funding pot after local authorities did not apply to get the cash.
£800m Highland pumped storage hydro scheme on hold
Plans for an £800million power station in the Highlands remain on hold as the UK government delays decisions on energy policy in the wake of Brexit, it was claimed.
Offshore medical company teams up with CEGA
A healthcare and emergency support firm in Aberdeen has enjoyed a boost in turnover and struck an alliance with a global medical and security group.
Aberdeen’s Marine Flooring in liquidation
A small Aberdeen firm that specialised in installing flooring on oil rigs and supply boat decks has been put into liquidation with the loss of six jobs.
Angry shareholders not Xcited about bondholder wipe out
Almost 400 shareholders in Xcite Energy have signed a petition rejecting a bondholder bail out deal that will see their stakes in the North Sea firm almost wiped out.
Verus trebles production with £multi-million Maersk deal
Verus Petroleum has gone back on the acquisition trail by upping its stake in a North Sea field in a deal thought to be worth tens of millions of pounds.
Cluff shares soar after North Sea find in the trillions
Shares in Cluff Natural Resources soared more that 20% yesterday after a newly published report added billions of cubic feet of gas to the firm’s North Sea reserve estimates.
Prof Kemp “optimistic” about North Sea small pools
North Sea reservoirs holding billions of barrels of oil and gas could be exploited - but only if prices go up and costs come down, a leading petro-economist has said.
ReNew News: Calls to increase Scottish renewable energy targets
Scotland's renewable energy industry displaced the production of 13 million tonnes of CO2 last year, a rise of 10% new figures show.
Gordon Drummond: Small pools the key to securing the future of the North Sea
Successfully exploiting the untapped potential of small pools is fundamental to achieving MER UK and to securing the long-term future of the North Sea industry. Without them, we simply become an industry focused on inspection, repair and maintenance and eventually decommissioning. To keep our industry alive, we need to kick-start these developments.
Aberdeen welcomes flights to Houston from Manchester
Business leaders from Aberdeen say a new direct flight from Manchester to Houston will deliver a major boost to the region’s economy.
‘Small pools’ offer a brighter North Sea future
The North Sea is on the verge of a “whole new lease of life” – thanks to hundreds of small pools of oil.
Fall in the pound reveals”tip of inflationary iceberg”
Inflation has jumped to a near two-year high as the rising cost of petrol, clothes, restaurants and hotels pushed up the cost of living.
Can Group looks to innovation for “long term viability”
An oil and gas testing and inspection business said new markets and cost control helped it maintain a strong financial performance despite declines in turnover and profits ahead of its 30th anniversary year.
Extra coal eases UK winter electricity squeeze
The squeeze on electricity supplies is less severe than expected this winter due to more coal power on the system, a report from National Grid shows. The company’s winter outlook report said the gap between total electricity generating capacity and peak demand could fall to 1.1% at the height of a cold spell, but action to ensure supplies would mean the margin was at 6.6%. The situation is better than predicted in July, when the margin looked set to fall to 0.1% without action, and to 5.5% with measures such as keeping power stations in reserve that would otherwise be closed or mothballed. A final report on the winter outlook said the improved margin was down to Eggborough coal fired power plant, which will run one of its unit in the wholesale electricity market, keeping an extra 430 megawatts (MW) of capacity online. In addition an outage in an “interconnector” - cables which supply electricity between the UK and other countries - to Ireland means less power will be exported to Ireland this winter. As a result, the electricity margin will be “tight but manageable” this winter. The measures National Grid is taking to ensure supplies only involve paying to ensure extra power is available and do not include payments to reduce demand, for example by getting large users to turn down consumption at times. The figures come after environmental campaigners called for a major drive to switch to highly efficient LED lighting in homes, street lights and offices, which they said would reduce peak winter demand and curb fears about blackouts. Research by energy analyst Chris Goodall and backed by Greenpeace suggested that a total switch-over to LED light bulbs in homes could reduce peak demand by 5%, or 2.7GW. Changing street lights over to the new technology would save a further 0.5GW, while offices and other commercial buildings moving to LEDs could save a further 4.5GW, the research suggests. Power margins in winter have tightened in recent years, as coal fired power stations close, and the Government has pledged to phase out all polluting coal plants by 2025, as long as new gas power can be built to fill the gap. Over the last six months, solar power has outperformed coal, but cannot be relied on to help meet demand in the depths of winter. Wind turbines tend to generate more power in winter but can be intermittent.
Taqa to press ahead with North Sea exploration despite $1billion write down
Abu Dhabi’s North Sea operations booked a $1.1billion (£915.5million) impairment on its assets, driving its results deep into the red for 2015.
Oil company boss blames bank restructuring division for collapse
A north-east oil chief has revealed how his business was allegedly ruined by the “dash for cash” scandal at the Royal Bank of Scotland (RBS) which emerged this week.
CHC says it can ‘fill North Sea gap’ after Super Pumas grounding
CHC Helicopter’s UK boss said its £multi-million debt rescue deal will allow it to bring new types of aircraft to the North Sea to fill the gap left by grounded Super Pumas.
CHC takes first step out of bankruptcy with $450m debt rescue
The parent company of CHC Helicopter has struck a debt rescue deal with lenders that is the Canadian company’s first step out of bankruptcy.