Scottish energy service firm Dron and Dickson (D&D) yesterday defended its decision to push for a second round of pay cuts in less than a year for its offshore workers.
D&D, a specialist in the design, supply and maintenance of hazardous-area electrical equipment, blamed the move on the oil and gas price rout and said it hoped pay cuts would prevent job losses.
Union bosses said they would try to convince the firm to drop its proposals, which were labelled “disgusting” by staff members.
The chief executive of Faroe Petroleum has described as "disappointing" the failure to make a commercial oil discovery from its Kavalross prospect in the Barents sea.
The world’s most powerful oilman brought a harsh message to Houston for executives hoping for a rescue from low prices: high-cost producers - many of them sitting in the room - need to either “lower costs, borrow cash or liquidate."
Orkney firm Scotrenewables Tidal Power (STP) has been awarded a £7.75million grant to advance the commercialisation of its floating tidal-energy technology, it was announced today.
The UK North Sea has become a “super mature” field, experts have claimed, as a new report lays bare the effect of the oil price crash on the economics of the basin.
Wood Group, the Aberdeen-based oilfield services firm, has reported earnings of $470million in 2015, down from $550 in 2014, saying its performance demonstrated resilience and flexibility in challenging markets.
BHP Billiton made a larger-than-expected cut to its dividend, lowering the payout for the first time in 15 years, as the world’s biggest mining company seeks to protect its balance sheet and credit ratings amid a price collapse that saw first-half profits tumble 92%.
US stocks rallied, with the Standard & Poor’s 500 Index closing at a six-week high, amid broad gains as a surge in oil prices helped lessen concern that a slowdown in global growth is deepening.
Zennor Petroleum is on the hunt for more UK North Sea bargains after snapping up assets that were owned by north-east businessman Ian Suttie and his First Oil group.
Wood Group has secured a contract with Woodside to provide the detailed design of the Greater Western Flank Phase 2 (GWF-2) flowline system offshore Western Australia.
Chariot Oil and Gas will layout its latest technical developments and strategy for 2016 for analysts today as it continues to look for a drilling partner.
