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Keith Findlay

Farming Editor at the Press and Journal in Aberdeen
Oil & Gas

Culzean FSO to be built in Singapore

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.

All News

Hotel occupancy and takings in Aberdeen continue to fall

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.

Oil & Gas

Atkins reports mixed picture in oil and gas

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.

North Sea

Unite recommends new offer from offshore caterers

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.

Markets

Aggreko takes a knock from oil and gas downturn

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.”

Oil & Gas

Oil price cash continues to wreak havoc for operators

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.

Oil & Gas

RMT warning for Oil and Gas Authority

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.