IOCs primed for record numbers after ‘toughest year ever’ – Wood Mackenzie
International oil companies (IOCs) could be on track for record free cash flow this year should Brent continue its rise, according to Wood Mackenzie.
downturn
Shipyards face ‘brutal’ £11.6billion losses over unwanted offshore rigs – Bassoe
Shipyards are facing “brutal” $15.2billion (£11.6bn) losses over new-build offshore drilling rigs that no one wants, according to Bassoe Offshore.
KCA Deutag plans restructure to wipe out more than £1billion of debt
KCA Deutag is working on a restructuring deal with creditors to wipe off more than £1billion of debt.
Perenco UK falls to £113million pre-Covid losses, aims to reduce £1.5bn decom bill
Perenco UK fell to losses of £113.2million for the period prior to the outbreak of the Covid-19 pandemic.
North Sea ‘cannot afford bad practices’ in supply chain, warns Petrofac boss
A UK boss of Petrofac has warned the North Sea supply chain “cannot afford for bad practices to creep in during this moment of crisis".
Occidental posts $6.6billion charge after oil price crash
Occidental Petroleum Corp. reported a $6.6 billion writedown in the second quarter, equivalent to more than 40% of its market value, as the collapse in energy prices took its toll on the debt-laden U.S. shale oil producer.
North Sea catering firm ESS plans dozens of job cuts
Aberdeen-based offshore catering firm ESS Support Services Worldwide has announced plans to cut dozens of jobs due to a “dramatic decrease” in demand.
Stop hoping for a boom
In the ’80s, well before my time in industry, there was allegedly a popular bumper sticker in oil towns.
Positive mindset ‘non-negotiable’ for navigating choppy waters
It's not the strongest species that survive, nor the most intelligent, but the ones most responsive to change. Certainly, that’s what Darwin believed and who am I to question him?
Energy transition can be ‘crucial pathway out of the downturn’ says OGA chief
New investment in the energy transition can be a “crucial pathway” out of the latest downturn for North Sea firms, according to the head of the Oil and Gas Authority (OGA).
‘Uncharted waters’ for North Sea, but downturn could be ‘catalyst for change’
A senior audit and assurance partner at Deloitte said the downturn could be a “catalyst” for change, but oil firms are first taking steps to survive the “uncharted waters”.
Union calls on North Sea workers to share impact of oil downturn
A national union group is calling for north-east workers to give their opinion on how the economy has affected them.
IOT invests more than £1m on machines in Arbroath
An oilfield equipment firm has invested more than £1 million in new machines at its base in Angus.
Oil industry’s debt woes not over over, top bankers warn
Offshore oil and gas bankers in Oslo are warning that the industry is far from out of the woods as a recovery is slow to take hold.
From adversity, good things can come, Worley chief says
Efficiency gains made by the oil and gas industry since the start of the downturn show that “from adversity, good things can come”, an energy sector chief said.
Exclusive: North Sea newcomer targets deals after celebrating first oil
North Sea newcomer Decipher Energy has delivered first oil from the Orlando field less than two years after taking over the 10 million barrel project from a victim of the downturn.
Government scheme helps 4,000 unemployed oil workers
A multi-million pound fund created to get unemployed oil and gas workers back into the world of work by using the skills they developed in the industry has helped 4,000 people.
North Sea industry hopes oil settles at $60-70 for longer
Oil prices settling in a sweet spot of $60-70 per barrel would give North Sea firms more confidence to kick on with investment plans, industry experts have said.
Johnson Carmichael bosses pleased with progress in face of challenges
Scotland’s largest independent firm of chartered accountants has achieved a 4% growth in turnover after generating revenues of £45.5 million this year.
Property market pick-up indicator of better times
The tough economic conditions which have engulfed Aberdeen for the last four years may be coming to an end, according to new figures indicating tentative signs of a recovery in the local property market.
Local economists declare the end of Houston’s oil bust
The Greater Houston Partnership has declared the end of the oil bust.
Oil downturn leaves pizza place in bad Nick
TV chef Nick Nairn has closed his Aberdeen pizza restaurant with immediate effect, insisting it was “simply not viable” after the slump in the oil and gas industry.
City property prices drop despite ‘delicate’ oil recovery
Scottish property prices are growing at their fastest rate in three years – but continue to fall in Aberdeen despite the improving local economy.
Slowdown in oil sector hit GDP growth in Scotland, report claims
Scotland's economy has "lagged behind" that of other advanced small nations, according to a report which put the country bottom of the list for a key performance measure.
Oil downturn blamed for closure of cookery school
Celebrity chef Nick Nairn has announced the closure of his Aberdeen cookery school as the oil downturn continues to affect trade in the city.