M&A activity grows, set to continue in 2016
Worldwide M&A activity in the power and renewable sector almost doubled last year, according to a new report. PwC’s annual findings show momentum is expected to continue throughout 2016.
Daily
“Necessity” as the defense for cannibalism – contemporary Aberdeen
In a law case from 1884 − Regina v. Dudley and Stephens − the accused were found guilty of murdering their ship mate Richard Parker in a lifeboat. It was decided by five judges in the Royal Courts of Justice in London, “that one must not kill one`s shipmate in order to eat them no matter how hungry one might be”. It may come as a surprise that right up until 1884 stories of cannibalism in lifeboats were not uncommon. The drawing of lots was often used to decide matters − noble sacrifice or murder, either way there was a level of consent to the unfortunates’ departure. By now many will have seen the feature film “In the Heart of the Sea” about the fate of the survivors of the Essex, a Nantucket whaling ship lost in 1820.
Another MSP joins attack on OGA ‘insolvency’ remark
An Aberdeen MSP has added his voice to the clamour over the comparison of the oil and gas industry regulator to an "insolvency practitioner".
MSP voices disappointment at ‘extraordinarily small’ deal
The news the Aberdeen City Region Deal amounts to just a quarter of the Glasgow agreement was met with disappointment across the north-east last night.
Noble Group CEO says banks behind it as agri deal approved
Noble Group Ltd.pushed on with efforts to bolster investor confidence in the region’s top commodity trader by securing shareholders’ approval to sell the company’s stake in its agricultural unit and saying that its banks are still behind it.
Diver flown to hospital after incident in the Norwegian North Sea
A diver has been flown to hospital with critical injuries after becoming stuck underwater while carrying out work offshore Norway.
Workers evacuated from drifting vessel in North Sea
Workers had to be evacuated from a drifting installation vessel in the North Sea, according to reports.
Video: Time-lapse shows Aasta Hansteen living quarters moved into place
This footage shows the Aasta Hansteen living quarter being hoisted into place.
Oil resumes decline near $30 as US supplies worsen global glut
Oil resumed its decline near $30 a barrel after U.S. industry data showed crude stockpiles increased, exacerbating a global glut.
First Minister confirms emergency measures, says industry “well placed” to benefit from future upturn
First Minister Nicola Sturgeon has announced emergency measures to tackle the deepening oil and gas crisis will continue indefinitely.
Aberdeen MP hits out at “insensitive” characterisation of OGA
An Aberdeen MP has locked horns with a Labour shadow minister after he compared the oil and gas industry regulator to an “insolvency practitioner”.
US oil explorers seen reporting $14billion in 2015 losses
During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation.
Why a Russian-Saudi deal on cutting oil output remains elusive
With oil trading near $30 a barrel, calls for orchestrated output cuts to quell global oversupply have intensified this week. Trouble is, none of the world’s largest producers, most notably Russia and Saudi Arabia, have shown they’re ready to make a move.
Chevron achieves first gas
Chevron has achieved first gas for one of the largest onshore gas projects in China.
£2bn windfarm project nears construction as backers found
A consortium has pledged £500million worth of backing for a £2billion wind farm planned for the outer Forth Estuary, bringing the construction phase a step closer, the company behind the project said yesterday. Mainstream Renewable Power is now in a stronger position to meet the March 26 deadline for achieving financial close, though a judicial review continues to cast doubt on the scheme. The Neart na Gaoithe (NNG) wind farm would bring huge economic gains to Scotland. More than £540million will be spent in Scotland during the construction phase, with 500 jobs created.
Opinion: So…You forecast oil prices?
There is an army of oil analysts out there, constantly predicting that a day of reckoning is coming, but wisely omitting details about which day that will be. There are the broken-clock forecasters, always predicting an oil price collapse, and anxious to take credit when right – once a decade or so.
1,800 apply for 250 Wood Group Mustang posts on Statoil contract
Wood Group Mustang’s president in Norway said the company has received 1800 applications for just 250 positions to work on a major contract win from Statoil. Otto Soberg said it had not been difficult to receive enquiries from people about the positions available.
Ex-Labour MP to head civil nuclear industry trade body
A former Labour MP has been appointed chief executive of the trade body for the civil nuclear industry.
Centrica names new head of upstream business
Centrica has recruited a new head for its upstream business. Chris Cox will lead the Scottish Gas-owner's exploration & production (E&P) business, which is one of the largest producers of natural gas in the UK.
Accounts AAB branch out with division for hard times
Chartered accountancy firm Anderson Anderson Brown (AAB) has launched a recovery and restructuring division for the first time in its 25 year history. The Aberdeen firm said the new "R2" business will be aimed at the small to medium sized business (SME) market and was established to meet growing demand. The unit will be headed up by Neil Dempsey, head of restructuring, who is a licensed insolvency practitioner (IP) and was lured from his previous role as insolvency director with Begbies Traynor in Aberdeen. Douglas Martin, corporate finance partner with AAB, said the firm was addressing a "gap in the market" for increasing insolvencies in the north-east oil and gas sector as well as turnaround advice and credit negotiations. He said: "R2 is a natural complement to the wide range of advisory solutions provided by AAB and will allow us to provide additional financial support to SMEs facing difficult times. "We have a large client base to support. SMEs in particular need to be more proactive in addressing challenges head on. Some business owners will have their heads in the sand. If they are more proactive it will help them survive - if not thrive - in the current market." Mr Dempsey said he aims to grow the division into a "leading player" in the restructuring market in Aberdeen. He added: "With a focus on assisting struggling businesses to return to health and identifying critical issues to avoid business failure, but with the ability to use insolvency processes to deal with more critical problems, R2 allows AAB to provide detailed professional advice to businesses at all stages of their business cycle.”
Global markets pull out of nosedive
Global markets pulled out of their nosedive after oil prices rebounded on hopes of a cut in production. London’s FTSE 100 Index opened deep in the red, falling by more than 1.6% in early session trading after the cost of crude fell back below $30 dollars a barrel, but later lifted as oil prices rose to stand 34.5 points higher at 5911.5. The FTSE 250 closed up 0.2% at 16,179.02. However, the AIM All-Share fell 0.7% at 683.72.
Drillsearch shareholders approve merger with rival
The majority of Drillseach shareholders threw their support behind a merger with rival Beach Energy.
Low oil price slices 10% off Oil Search’s earnings
Oil Search credited low oil price for knocking 10% off its earnings.
Plexus shares dive again despite new Russian deal
Plexus Holdings said today a new Russian licensing deal would help in its mission to diversify business from the UK North Sea.
Statoil remains tight-lipped over voluntary redundancies
Statoil is remaining tight-lipped about how many people have applied for voluntary redundancy with the company. Last year the Norwegian operator revealed it had offered the packages to its Norwegian staff.