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.
Seven highest risk countries for oil and gas workers
Seven of the most dangerous countries for travellers next year have been identified by an company that advises oil gas workers abroad.
Nor Solan christened for Premier’s Solan field
A new field support vessel destined for Premier Oil’s £538million Solan field was christened in time-honoured form in Aberdeen harbour with a bottle of Champagne.
RGU appoints former industry leaders to its Oil and Gas Institute
Robert Gordon University (RGU) has appointed two former industry leaders to its Oil and Gas Institute (OGI).
Oil price crash starting to “bite”, says EY
Growth in the economy of the north-east is set to hit reverse as the effects of the plummeting price of oil and gas is starting to “bite”, economists have warned.
PDI rebounds from Ceona administration plunge to book new work
An Aberdeen firm whose owner collapsed into administration is still going strong after winning a £1.5million contract in Nigeria.
Former Asco director faces jail in Oman
A former employee of north-east oil and gas services giant Asco fears being jailed in Oman next week over a contract payment dispute.
Nautronix was £1million in the red prior to Proserv takeover
Aberdeen marine technology firm Nautronix had fallen £1million into the red ahead of it being bought out by Proserv, accounts posted at Companies House have shown.
Saltire Energy boss picks up business accolade
The chief executive of Portlethen-based Saltire Energy, Mike Loggie, has added another gong to a fast-growing list by winning the entrepreneur of the year title at a business awards event.
Offshore Achievement Awards 2016: Entries to close soon
There is just over a week left to enter the 2016 Offshore Achievement Awards, which offers companies and individuals the opportunity to be recognised amongst some of the industry’s greatest success stories of the last 30 years. The awards scheme this year has been adapted to reflect the challenges facing the industry since the falling price of oil has impacted the North Sea industry. This year sees the return of well-recognised categories, such as Great Large and Great Small Company, Young Professional, Emerging Technology, Safety Innovations, The Innovator and Export Achievement.
Qatar’s sovereign wealth fund sells Shell shares
Qatar’s sovereign wealth fund has sold shares in Shell and BG worth almost £1billion, raising fresh questions about support for oil firms’ proposed £47billion mega-merger.
Oil boss Bob Keiller joins panel to grill Scots entrepreneurs
A competition where Scottish entrepreneurs can win funding up to £100,000 will be judged by outgoing the chief executive of the Wood Group, Bob Keiller, at an event in Edinburgh next month.
MI Swaco lodges plans for Scottish barite mine
A new mine that could ensure a 50-year supply of a key ingredient of drilling mud used in the North Sea is taking shape.