Suttie pulls plug on First Oil after failing to find buyer
Billionare Ian Suttie has pulled the plug on his flagship oil and gas business after failing to find a buyer.
Wood Group PSN cuts contractor rates by 9%
Wood Group PSN has taken another swing of the axe to contractor rates in response to continuing cost challenges affecting the UK North Sea oil & gas sector.
Turbine firm invests £50,000 in 3D tool
A Netherley-based power turbine firm has invested £50,000 in a new 3D measuring tool.
Job losses estimated to have hit 50,000
An Aberdeen e-learning agency has estimated North Sea job losses hit 50,000 or more last year as it measured the impact on its business.
Mintra Training Portal joins forces with Norwegian company
Mintra Training Portal will join forces with a Norwegian crew scheduling and payroll software company after its private equity owner acquired the business.
23 decommissioning projects to take place in Norway worth £12.5billion
There are expected to be 23 decommissioning projects in Norwegian waters over the next eight years worth up to £12.5billion, new research has found.
Oil producing nations fail to agree on output cuts
A short oil price rally was brought to an abrupt halt yesterday after large producing nations failed once more to agree on output cuts, instead freezing production at record levels.
Aberdeen BG staff “stayin’ alive” on last day before Shell merger takes effect
Staff at oil and gas firm BG Group were “stayin’ alive” last night as they celebrated the end of an era ahead of the firm’s official merger with Shell on Monday.
CHC doubles profits despite downturn and job cuts
North Sea helicopter firm CHC doubled profits in its latest financial year.
Zennor Petroleum pushes ahead with North Sea exploration
An unusually cash rich oil and gas company is pressing ahead with North Sea exploration in the face of low oil prices and a decade of drilling decline.
Lord pours scorn over future of North Sea oil and gas industry
Tory grandee Lord Lawson has poured scorn on the future of the North Sea oil and gas industry. The former chancellor and energy secretary said the sector could only be a “shadow” of what it had been in the past.
Scottish Government revamps industry strategy
A body tasked by the Scottish Government to oversee a strategic vision for the North Sea oil and gas industry has updated an initial report it produced in 2012.
SSE to shut coal station, up to 213 job losses
Utility firm SSE has revealed plans to shut part of a coal fired power station in England with the potential loss of up to 213 jobs.
Craig Group halts investment in ships, ROVs
Aberdeen’s Craig Group has halted investment in new ships and ROVs as it as it battens down hatches to weather the industry downturn.
Centrica names new head of upstream business
Centrica has recruited a new head for its upstream business. Chris Cox will lead the Scottish Gas-owner's exploration & production (E&P) business, which is one of the largest producers of natural gas in the UK.
Accounts AAB branch out with division for hard times
Chartered accountancy firm Anderson Anderson Brown (AAB) has launched a recovery and restructuring division for the first time in its 25 year history. The Aberdeen firm said the new "R2" business will be aimed at the small to medium sized business (SME) market and was established to meet growing demand. The unit will be headed up by Neil Dempsey, head of restructuring, who is a licensed insolvency practitioner (IP) and was lured from his previous role as insolvency director with Begbies Traynor in Aberdeen. Douglas Martin, corporate finance partner with AAB, said the firm was addressing a "gap in the market" for increasing insolvencies in the north-east oil and gas sector as well as turnaround advice and credit negotiations. He said: "R2 is a natural complement to the wide range of advisory solutions provided by AAB and will allow us to provide additional financial support to SMEs facing difficult times. "We have a large client base to support. SMEs in particular need to be more proactive in addressing challenges head on. Some business owners will have their heads in the sand. If they are more proactive it will help them survive - if not thrive - in the current market." Mr Dempsey said he aims to grow the division into a "leading player" in the restructuring market in Aberdeen. He added: "With a focus on assisting struggling businesses to return to health and identifying critical issues to avoid business failure, but with the ability to use insolvency processes to deal with more critical problems, R2 allows AAB to provide detailed professional advice to businesses at all stages of their business cycle.”
Global markets pull out of nosedive
Global markets pulled out of their nosedive after oil prices rebounded on hopes of a cut in production. London’s FTSE 100 Index opened deep in the red, falling by more than 1.6% in early session trading after the cost of crude fell back below $30 dollars a barrel, but later lifted as oil prices rose to stand 34.5 points higher at 5911.5. The FTSE 250 closed up 0.2% at 16,179.02. However, the AIM All-Share fell 0.7% at 683.72.
Bank of England Governor claims low oil prices good for the economy
The Governor of the Bank of England insisted that low oil prices were good for the economy - at least in the “medium term”. Giving evidence to the Commons Treasury Committee today, Mark Carney said it was “absolutely not true" that the Bank wanted to encourage higher oil prices, adding that low oil was “good for growth in the medium term" and a “net positive for the global economy".
Corrosion Solutions completes sale of business to Norwegian company
The founder of an Aberdeen corrosion company has joined forces with a larger Norwegian group as part of a global expansion plan. Allan Durham, the owner and managing director of Corrosion Solutions (CSL) has completed the sale of the business he founded in 1998 to Stavanger-based Presserv. The value of the transaction was not disclosed.
Iqarus names new Chief Operating Officer
The new owners of an Aberdeen-based offshore health business announced it has invested £1million in new technology and hired a chief operating officer.
Alex Kemp: Iran sanctions lifting, oil price falling
The price has been coming down for several months because production from Saudi Arabia is strong, from Iraq it’s strong, from Russia it’s quite strong. From the US there’s been a little bit of a fall but not very much. Market makers have been anticipating Iran sanctions to be lifted, but did not know when until quite recently.
North Sea firms urged to look east following lifting of trade sanctions in Iran
North Sea companies have been urged to look east following the lifting of trade sanctions in Iran.
Tom Stocker: Legal risks of trading in Iran still exist
The lifting of sanctions on Iran is good news for Scottish exporters and oil and gas service companies, but a legal expert has warned that with a US trade embargo still in place, Western banks remain reluctant to support Iranian related businesses.
Jamie Stark: Iran opens up to North Sea expertise
There is quite a difference between EU sanctions lifting on implementation day than in the US.
Shell boss says BG deal is “sensible risk to take”
Shell boss Ben van Beurden is optimistic that shareholders will overwhelmingly back its mega-merger with rival BG Group as investors mull the final case put out by both oil giants later this week.