Wood Group leader leaves oil and gas to fight for Scottish economy
Wood Group chief executive Bob Keiller is stepping away from oil and gas to help drive the Scottish economy forward.
Total says it achieved “resilience” in a tough trading climate
Total said a third quarter plunge in profits highlighted “resilience” against a halving of oil prices.
Record year for groundbreaking Aberdeen wellhead technology firm
Plexus Holdings’ boss Ben van Bilderbeek said today a record-breaking trading performance by the firm was all the more impressive against a background of woes in the oil and gas industry.
Scots wave-power firm goes under
Scottish wave-energy company Aquamarine Power has gone into administration in a further sign of challenging times for the renewables sector.
Israelis move into the UK North Sea
Israel’s Delek Group is to become the biggest shareholder in UK North Sea oil and gas firm Ithaca Energy following a £43million investment announced yesterday. The deal underlines investors still see value in British waters, despite a slump in oil prices and high operating costs in one of the world's most mature oil and gas basins. Tel Aviv-listed Delek’s investment arm is taking a near-20% stake in Ithaca, whose current activity is focused on the construction of a new production hub in the Greater Stella area of the central North Sea.
North-east firms share £5million cash injection
Two energy service firms will share the spoils of a £5million investment by the Scottish Loan Fund (SLF), it was announced yesterday. North Sea well integrity specialists Meta Downhole and Read Cased Hole (RCH) will use the cash to support their international growth ambitions, SLF said. Meta and RCH, both based in Bridge of Don, Aberdeen, are trading companies of Read Well Services Holdings.
Fabritech spin-off up and running in Aberdeenshire
Two north-east businessmen have launched a new engineering firm targeting the subsea, drilling and renewable-energy sectors. Stuart Mackie and Innes Smith, managing director and engineering manager respectively at Aberdeenshire manufacturing and fabrication company Fabritech UK, have invested more than £500,000 in machinery, tooling and software for their new venture. They have called it Engineering Solutions and Rental (ESR) and initially based it at Fabritech’s headquarters at Insch Business Park.
Final settlement costs BP more than £13billion
BP will pay more than £13billion in fines to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago, it was announced yesterday.
Peterson reports lower profits
International energy logistics group Peterson said yesterday operating profits fell by 6% to £7.4million in 2014 as lower oil prices took their toll on parts of the business.
Asco suffers hefty losses amid oil price slide
International oilfield support services company Asco Group has reported “promising” prospects despite a widening of losses amid the North Sea downturn.
Entries open for the 2016 Offshore Achievement Awards
The hunt is on for potential winners of the 2016 Offshore Achievement Awards (OAAs) in a timely reminder of “great success stories” still happening in the energy industry despite its woes.
Oil supply and demand more balanced, says Vitol chief
The Scot at the helm of oil trading giant Vitol said yesterday he saw signs emerging of a better balance between global oil supply and demand. Ian Taylor refused to speculate on where oil prices may be headed next, adding: “Traders always get these things wrong.” But addressing delegates of the Kazenergy Eurasian Forum in Kazakhstan, he said the market seemed to be settling after months of volatility.
Eland boss takes heart from new regime in Nigeria
Eland Oil and Gas said today it welcomed a transparent, level playing-field for foreign investment under a new political regime in Nigeria.
North Sea copters in life raft safety checks
Extra safety checks are being carried out on North Sea helicopters after a potential problem with their life rafts was detected. Manufacturer Airbus Helicopters said yesterday about 25 of the Super Puma EC225LP aircraft were affected globally, including about six in UK offshore oil and gas operations. A spokesman for the firm said a routine inspection of an EC225LP had revealed an issue with its life raft mechanism, leading to a European Aviation Safety Agency (EASA) emergency air worthiness directive.
Wildlife watcher takes centre stage at Aberdeen oil and gas event
TV presenter and naturalist Chris Packham will take star billing at an oil and gas event in Aberdeen next week. Packham, who features on the popular Springwatch, Autumnwatch and Winterwatch BBC programmes, will deliver a speech on the need for the energy industry to consult others abut any potential wildlife issues. Wednesday’s fourth annual E-Reps Forum, a key gathering of environmental representatives from across the UK’s oil and gas sector, has the theme of sustainability through efficiency.
Watch out for supply chain fraudsters, KPMG warns
Oil and gas supply chain firms are being urged to be vigilant after evidence of a growing number of fraudsters trying to exploit online payment processing systems. KPMG said it had seen a rise in the number of businesses being targeted by criminals seeking to substitute their own bank details for those of genuine companies. The oil and gas industry, with its extensive and complex supply chain, is deemed to be particularly at risk as a variety of legal and illegal means are used to identify suppliers and their customers.
R2S sees more nuclear potential after Dounreay project
An Aberdeen firm best known for its photographic work on offshore installations and at crime scenes is to carry out a technical survey as part of the decommissioning of the Dounreay nuclear plant in Caithness. Return To Scene (R2S) will use its visual asset management (VAM) system to produce images of part of the complex, which will in turn be used in support of dismantling and restoration work at the site. The R2S team is already on location and project delivery is anticipated by mid-October.
Mixed results for Acteon in troubled industry climate
The slump in oil prices as the year wore on failed to stop Acteon Group making bigger profits pre-tax during 2014.
Augean’s North Sea business defies the downturn
The North Sea services arm of waste management giant Augean has defied the oil and gas downturn to register a huge increase in profits.
Faroe Petroleum making profits again
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, edged into the black during the six months to June 30.
Statoil turns to Wood Group for new Brazilian deal
Statoil said today it had appointed Wood Group of Aberdeen to provide four-year operations, maintenance and modifications services in the Peregrino development offshore of Brazil.
MOL’s E&P boss quits, with the company citing “personal reasons”
Hungarian oil and gas firm MOL Group said today its executive vice-president of exploration and production, Alex Dodds, was quitting his role for personal reasons.
Chevron vows to pay fair share of tax on Australian gas project
Oil giant Chevron has said it will pay its fair share of tax in Australia, after a report accused it of tax avoidance on its largest global project – the Gorgon LNG project.
Oil and gas sector must court alternatives to litigation
Given the expectations of greater co-operation and collaboration after the Wood Report and implementation of the maximising economic recovery strategy, the North Sea oil and gas industry must reconsider its approach to resolving disputes.
Ashtead recognised for safety and quality in the Gulf of Mexico
Scottish subsea service company Ashtead Technology said its Houston office had gained an industry seal of approval for maintaining the highest oil and gas safety and quality standards in the Gulf of Mexico.