Petrofac extends grace period with lenders over missed payment
Petrofac (LON: PFC) has extended its existing forbearance agreement on a missed interest payment with a group of lenders from 23 August to 20 September 2024.
Oil & Gas
Supply chain champion calls for £150m investment pot as Wood boss takes over
As Sian Lloyd Rees's time as the UK’s supply chain champion comes to an end, she recommends that the government sets up a £150 million funding pot.
Supply chain champion: ‘Enterprise opportunities will continue to be realised elsewhere’
Delivering her key report to the UK Government on Friday, Supply Chain Champion, Sian Lloyd Rees, sets out the case for creation of a new short-term funding mechanism to ensure the UK seizes a £1 trillion addressable market in renewable and low carbon technologies.
Aberdeen’s Verlume takes top SME gong at first ever awards dedicated to Scotland’s renewable energy supply chain
Scottish Renewables-backed awards showcase the cutting-edge excellence that drives Scotland’s world-leading renewables industry.
Ithaca reports “robust” half year but warns of “long-term damage”
Ithaca Energy (LON: ITH) has hailed "robust" cash flow but has warned about the "ongoing impact" of the UK government's oil and gas fiscal policies and the "long-term damage" they will cause.
UK energy supply chain companies warn “time is running out” to save jobs and investment
The 42 companies manufacturers, professional services and engineering companies employing tens of thousands have issued a joint letter to Sarah Jones, Minister of State for Industry and Decarbonisation.
Wood and BP form alliance as work kicks off in the North Sea
UK supermajor BP (LON: BP) and Aberdeen headquartered engineering firm Wood (LON: WG) have formed a strategic alliance for work on global assets.
Altrad bids for Norwegian oil and gas services firm Beerenberg
Altrad was founded in 1985 by billionaire "king of scaffolding" Mohed Altrad.
Greater Laggan Area wins life extension with new oil and gas licences
Kistos said the licensing would "extend the life of existing infrastructure and maximise economic output".
Wood Group boss said lossmaking half year is a “story of transformation”
Ken Gilmartin said Wood is "made up of some of the most brilliant, fantastic, creative, dedicated people on the planet".
i3 Energy confirms £174.1million bid from Gran Tierra
Canada and North Sea-focused i3 Energy (AIM:i3E) has confirmed it has received a £174.1million bid from a Canadian rival.
Wood Group unveils stinging $983million half year loss
Aberdeen's Wood Group (LON:WG) has revealed the hill it must climb as to turn around the business as it revealed total half year losses reaching nearly $1billion (£757m).
Continued delayed operator payments create ‘a master-slave relationship’
In 2023 more than a fifth of invoices sent to oil firms were paid late, continuing a “master-slave relationship” between operators and supply chain, according to unions.
Prosafe signs lease in planned move from Aberdeen centre
Norwegian accommodation vessel group Prosafe (OSLO: PRS) will move out of its office in the Silver Fin Building, Aberdeen after agreeing a lease for space at Kingshill Park.
Suicide and trauma: The disastrous health impact of the oil and gas slump in Aberdeen
Thousands of jobs were lost in the 2014-16 downturn, bringing misery and pain to those that worked in the north and north-east's key industry.
Woodside, climate group agree to end Scarborough gas challenge
Woodside Energy Group Ltd. and the Australian Conservation Foundation agreed to dismiss the latter’s challenge to the development of the $12.5 billion Scarborough natural gas field off Western Australia.
Equinor partially evacuates North Sea platform following well incident
Equinor, the Norwegian state-owned energy firm, has evacuated some of the workers from the Gullfaks C platform and shut down production.
SpaceX will launch a methane satellite to hold super polluters accountable
There’s about to be a new methane eye in the sky. SpaceX is scheduled to launch on Friday the Tanager-1 satellite.
Labour government promises UK energy independence
New government, new policies and a thirst for energy independence, but what does this grandiose phrase mean? Independence from volatile international prices, from the UK’s “broken energy market” or from the tyranny of utilities? Labour is not suggesting a UK oil and gas sector renaissance; the country will instead become a clean energy superpower. But is this achievable and is it desirable?
North Sea search operation called off after person falls overboard
A North Sea search and rescue operation has been called off after crews could not find a 23-year-old man who fell overboard from a vessel north-east of Peterhead.
Oil driller Borr sees wave of shallow-water rigs retiring
Offshore oil contractor Borr Drilling Ltd. (NYSE:BORR) expects almost a third of the world’s fleet of shallow-water rigs to be retired in the coming years because of their age, leading to higher daily leasing rates.
Port of Nigg secures contract for Aker BP Yggdrasil field
Port of Nigg owner Global Energy Group (GEG) has secured a contract from Subsea7 Norway to fabricate subsea spools for a Norwegian North Sea field development.
Did ‘oil capital’ Aberdeen dodge a bullet in independence referendum No vote?
The price of oil was baked into the independence project - and prices plummeted right after the 2014 referendum as the downturn took hold.
Germany faces tough call on drilling in protected North Sea marine zone
Germany will scrutinize an application to drill for natural gas at a protected marine site after explorer One-Dyas BV cleared a key hurdle with local authorities.
Orcadian no longer a ‘one-trick pony’ after licence agreement with NSTA
Orcadian Energy also said its viscous oil projects containing 'post-transition' hydrocarbons will be a good feedstock for lubricants and EV battery components.