Innovative thinking can help infrastructure deals proceed
Decommissioning and security related issues have been one of the principal barriers to upstream oil and gas mergers and acquisitions activity in recent years.
Decommissioning and security related issues have been one of the principal barriers to upstream oil and gas mergers and acquisitions activity in recent years.
Wood Group is eyeing further opportunities in war-torn Iraq after securing a $90 million project management job in the country.
Offshore industry heavyweights told young oil and gas professionals in Aberdeen they could play a huge part in a “culture shift” adjustment to low crude prices.
Pop star Gary Barlow gave staff at Aberdeen firm Stena Drilling a night to remember in a top secret gig featuring some of his biggest hits.
Green-energy projects worth more than £10billion have enjoyed support from a three-year-old specialist investment bank which has its headquarters in Scotland.
North-east energy service company Plant Integrity Management (PIM) said yesterday its PIM Relief software was proving a hit in offshore operations globally.
Having worked closely with each other for over six years, we are deeply disappointed to hear that Aquamarine Power has ceased trading.
The potential for UK subsea expertise in Indonesia, Singapore and Malaysia is in the spotlight at the fifth annual Subsea Asia conference today.
Scottish wave-energy company Aquamarine Power has ceased to trade, with 14 jobs axed, after administrators failed to find a buyer.
North Sea oil entrepreneur Tom Cross said yesterday he was still on the hunt for bargains despite hefty losses at the company he leads.
Japanese company Modec has contracted out the project to build a floating storage and offloading (FSO) vessel for Maersk Oil’s £3billion Culzean gas development in the North Sea. Singapore’s Sembcorp Marine said it had secured the work to design and build the FSO, with the project being handled by its wholly-owned subsidiary Sembcorp Marine Rigs and Floaters (SMRF). Scheduled for delivery in the first quarter of 2018, the vessel will be Sembcorp’s first FSO new-build secured on a full turnkey project basis.
Aberdeen hotels suffered a further slump in trade in October as the wider impacts of the oil and gas industry downturn continued to hit hard, new research findings show. The latest monthly LJ Forecaster Scottish Intercity Report from tourism market specialist LJ Research says revenue per available room (revpar), a key benchmark for the sector, tumbled “unprecedentedly” below £50. Aberdeen’s revpar was £49.18, its lowest rate for several years and down by 37% on October 2014, according to LJ Research.
Aberdeen couple Fred and Donna Nicol have sold another business just weeks after announcing the sale of Bridge-of-Don-based First Hose in a deal potentially worth £6million.
Aberdeen marine and subsea services firm Imes said yesterday it had won new contracts worth a total of £750,000 from offshore energy clients.
W.S. Atkins said yesterday its Middle East oil and gas business had grown beyond expectations, helping to offset challenging conditions for its energy arm in the UK and North America. The global engineering and project management consultancy joined the throng of oil and gas market players laying bare the knock-on effect of reduced crude prices. Atkins, which is part of the joint-venture behind the design of the new Aberdeen bypass road, said its energy division had a difficult first half.
Norwegian oil firm Noreco said yesterday it still expected production from the North Sea’s troubled Enoch field to resume before the end of 2015 after “operational issues” on Marathon Oil’s Brae Alpha platform.
New orders from just one subsea customer drove a huge rise in turnover at oil and gas service company Electro-Flow Controls (EFC) during the year to March 31.
North Sea oil firm Taqa said yesterday it expected production start-up for the Cladhan discovery before the end of the year.
Scottish oil explorer Bowleven said yesterday it was in good financial shape to “ride out the storm” of the industry downturn and press on with its plans for Africa.
The effects of lower oil prices are far-reaching, varied and still hotly debated.
Oil and gas industry decision-makers are under growing pressure to reduce asset downtime in the quest for greater efficiencies offshore, new survey findings show.
Offshore catering workers are mulling a fresh offer from their bosses as well as unions’ advice that they accept it to settle a pay dispute which had threatened to boil over into a strike. The Unite union said yesterday it welcomed revised terms from Catering Offshore Trade Association (Cota) employers, and put plans for industrial action on hold. Cota chairman Peter Bruce said: “At our meeting with representatives of Unite and RMT last week, we discussed a solution which we are hopeful will lead to the resolution of this dispute.
Aggreko said today its gains from petrochemical and refining customers since July 1 had nearly cancelled out an adverse impact from weakness in oil and gas. The Scottish temporary power firm added its “resilience” against a challenging market backdrop allowed it to maintain guidance for 2015 profits of £250-£270million, down from £289million on revenue of £1.58billion last year. Chief executive Chris Weston said: “Whilst we are at an early stage in delivering the specific actions identified at our business review in August, I am encouraged with the progress we are making.”
Lower crude prices continue to bite into North Sea oil and gas company profits and spending plans, with another two firms revealing impacts in their third quarter results yesterday. Apache and Canadian Natural Resources (CNR) reported losses totalling billions of pounds and also highlighted cost-cutting on a scale being seen right across the industry.
The Oil and Gas Authority (OGA) will struggle to revitalise exploration if the industry continues to haemorrhage jobs and skills, the RMT union warned yesterday. RMT also said the new regulator – launched earlier this year – could be hampered in its attempts to stimulate investment in the sector by firms undermining collective bargaining deals. And it urged the OGA to “get an early grip” on growing maintenance backlogs which threatened safety and the long-term future of North Sea production.