‘We’re the only buyers in sea of sellers’, says Ineos chief
Geir Tuft was recently revealed as the chief executive of Ineos Breagh, which manages the North Sea assets the chemicals giant acquired last year.
Billionaire Jim Ratcliffe pledges to run tight North Sea ship
Billionaire industrialist Jim Ratcliffe has pledged to drive out the inefficiency of his new North Sea assets - and has set up a new subsidiary to hunt for even more opportunities.
Bristow profits slashed by slump in offshore flights
A slump in demand for North Sea offshore flights has hit Bristow Helicopter’s bottom line although sales were underpinned by its contract to run emergency search and rescue (SAR) services for the British government.
Subsea UK Awards’ shortlist announced
The UK’s £9billion subsea oil and gas industry has been urged to celebrate success despite the downturn, as the shortlist for an award ceremony was unveiled.
Opinion: Lower for for longer – 2016’s mantra
Lower for longer’ – is the mantra many people in oil and gas circles are now adopting, as we move in to 2016 and beyond.
Brae Alpha platform remains shut down after gas line rupture
A north Sea platform remained shut down last night after a gas line ruptured on board the Brae Alpha. US oil and gas giant Marathon said it was conducting a “comprehensive investigation” into the incident which happened on Boxing Day. The firm said 73 workers remain on board the platform which is which is about 155 miles north east of Aberdeen after initial plans to evacuate were called off.
Dounreay ships 11 tonnes of nuclear waste to Cumbria
The company responsible for decommissioning the former nuclear plant at Dounreay has confirmed it has shipped 11 tonnes of radioactive material to Cumbria in its most recent financial year.
Radioactive uranium sent to Sellafield to reprocess
Dounreay Site Restoration (DSRL) confirmed it has sent 11 tonnes of “breeder” material - consisting of radioactive uranium - to Sellafield’s Magnox reprocessing facility last year, representing about a quarter of the material stored on site.
Wood Group PSN takes line out of Grease’s song book
In the movie musical Grease it was Olivia Newton John who said it best: “You better shape up”.
Lockheed Martin to investigate how NASA can unlock £1bn from aging assets
US defence giant Lockheed Martin has been commissioned to investigate how technology developed at NASA can unlock £1billion of savings in maintaining aging oil and gas assets.
Oil and gas firms assigned ministerial “buddies” in bid to improve access
Multi-national firms including a number of oil and gas companies have been allocated ministerial “buddies” to allow improved access to government.
Bond launches fixed wing service for rig workers
Bond Offshore Helicopters has launched a new service offering offshore workers heading to the North North Sea transport to Sumburgh Airport on fixed wing aircraft.
Vattenfall sells off stake in windfarm
The developer behind the proposed wind farm off the coast of the Trump International golf resort has raised £237million in the sale of another offshore energy project.
US buyers eyeing struggling North Sea oil and gas firms
American buyers are poised to throw lifelines to struggling small businesses in Scotland’s oil and gas industry, according to a mergers and acquisitions (M&A) expert.
Vistem unveils major expansion plans and jobs boost
An equipment supplier that lists BP, Shell and Total among its clients has unveiled major expansion plans that include taking its headcount from five staff to 15 and relocating its Aberdeen office to larger premises. Fraserburgh-based Vistem – which provides products including inflatable shelters and low-level access lifts – aims for a five-fold increase in turnover from £760,000 in 2015 to £4million in 2016.
Technology created by Aquamarine goes up for sale
Technology developed by wave energy company Aquamarine Power has been put up for sale as its administrators try to recoup some of the £90 million invested in the business. Graham Newton and James Stephen from accountancy firm BDO were appointed as administrators of the Edinburgh-based company in October. They were asked by its directors to find a buyer or investors for the business, but a month later in November no offers were on the table and so the firm ceased trading, with the loss of 13 jobs in Edinburgh and one in Belfast.
Aker Solutions’ Matt Corbin promoted to new global role
The UK managing director of Aker Solutions’ subsea business has been promoted and will be taking on a new, global role in the firm.
Oil industry to back new collaborative charter
The trade body for the North Sea oil and gas sector has called for the industry to back the tenets of a new charter that outlines collaborative behaviours to achieve “transformational change”.
Maritime Developments more than doubles profits
A back deck systems manufacturer more than doubled profits in its most recent financial year - but said it doesn’t expect the same results next year as it grapples with the effects of the oil price crash. Maritime Developments saw its pre-tax profits rise to £828,057 in the year to the end of March 2015, from £395,349 in the year prior, according to accounts filed at Companies House. Turnover of £11.6million was flat compared to 2014.
Technology firm wins £1.2million Scottish Government grant
An Aberdeen technology firm has won a £1.2million Scottish Government grant to develop an innovative subsea power generation system. East Coast Oil and Gas Engineering (ECOG) has invested £3.9million in the autonomous electrical power technology which has been designed to reduce the cost of repairing or replacing umbilicals after all-too common power failures.
Xodus reports £18.5million pre-tax loss
Front end engineering specialist Xodus cited “challenging” market conditions as it reported an £18.5million pre-tax loss in last year. The Aberdeen and London-based firm was hit by bad debts and wrote off a number of intercompany loans involving some of its international join venture businesses, although turnover rose 12% to £58.6million in 2014.
Bond launches offshore medical transfer service
Offshore workers who are too sick or injured to wear a survival suit can now be helicoptered back to shore on normal commercial flights.
EnQuest looks to sell stakes in some North Sea assets
Oil firm Enquest has vowed to press ahead with the development of two North Sea oil fields as the oil price dipped below $40 a barrel before leveling back up. The Aberdeen-based firm said it has approved the development of a £83million Scolty and Crathes fields about 83 miles from St Fergus, near Peterhead, in the central UK North Sea.
The North Sea’s letter to Santa
As the price of Brent crude flirted with dropping below $40 a barrel yesterday, directors of leading North Sea operators were asked what they might like the industry to get from Father Christmas. The answers, delivered to a full house at an Oil and Gas UK business breakfast at the Aberdeen Exhibition and Conference Centre (AECC) yesterday was clear.
Siemens to supply five turbines to Hywind project
German engineering giant Siemens will supply five turbines for the world’s largest floating wind energy project off the coast of Peterhead. Siemens helped Statoil prove the concept at the first full-scale floating wind project, Hywind Demo, off the coast of Norway six years ago.