Updated: Judges rule oil downturn did not merit cut in rates
North-east firms have lost their battle to get business rates cut after judges at the highest court in Scotland ruled the oil downturn had not affected the value of commercial properties.
downturn
Property: Still some catching up before recovery
Aberdeen’s property market has suffered severe trauma in terms of falling demand and values following the oil price collapse.
Round-up: Mergers and takeovers of the oil sector downturn
Transocean’s planned $3.4billion takeover of Songa Offshore will create one of the world’s biggest offshore vessel contractors.
Shell announces 90 onshore job losses at Aberdeen townhall meeting
Oil major Shell today announced plans to cut 90 onshore positions at its UK North Sea business in Aberdeen.
Life After Oil: Kieran leaves downturn behind for cycling odyssey across Europe
An Aberdeen man today spoke about using the oil downturn to fulfil a lifetime ambition of cycling across Europe to Romania.
15 jobs to go as downturn blamed for apartment hotel closure
A luxury apartment hotel in Aberdeen city centre is to close with the loss of 15 jobs.
Aberdeen hotel woes continue
Aberdeen hotels are still operating in a declining market, new figures show.
North-east tourism in the spotlight after oil slump
The increasing role tourism can play in the north-east economy after the oil and gas slump was the focus of an expert gathering yesterday.
Promoted: Q&A – WeSubsea targeting growth after learning lessons of 2016
In this latest Q&A, WeSubsea discusses what it’s like to operate in downturn, where they’re targeting growth and what’s next in line for the firm.
Oil 2017: expect three Rs, claims consultancy
The North American oil and gas industry should be braced for restructurings, realignment and rebuilding in the year ahead, according to a global consultancy firm.
Aberdeen airport passenger figures down 12% in 2016 amid oil downturn
A total of 3.1million passengers passed through Aberdeen International Airport (AIA) during 2016, 12.2% fewer than the year before, new figures show.
Aberdeen families hit by oil downturn get help from charity event
A mum is organising a swap event for families hit by the oil downturn in the run-up to winter and Christmas.
Call for recruits after North Sea lifeboat team hit by oil downturn
The downturn in the oil and gas industry has hit the number of North Sea lifesavers.
Schlumberger joins Halliburton in calling bottom of oil downturn
The world’s two largest providers of oilfield drilling and fracking services have now declared that the worst may be over in the two-year-old oil market crash.
UK oil and gas job losses reach 120,000
An estimated 120,000 jobs will have been lost by the end of this year as a result of the collapse in fortunes of the UK offshore oil and gas industry.
After nine-year gap, two RGU grads set up subsea company despite downturn
Two Robert Gordon University (RGU) graduates have set up their own company specialising in developing innovative underwater products for the energy industry. Ben Grant, 30, who studied electrical and electronic engineering and Alastair McLennan-Murray, 31, an artificial intelligence and robotics graduate, set up Impact Subsea in February, around the time that oil prices hit rock bottom prior to what turned out to be a small and temporary partial recovery. Impact Subsea offers products and solutions to oil & gas, offshore renewables and scientific markets. Its products are used on remotely operated and autonomous underwater vehicles and in “stand-alone” applications. Given the nature of what they offer, the hope is that they can exploit the current crisis.
Rig scrapping imperative as drilling market dips
It is now abundantly clear the offshore drilling markets have slithered into a serious downturn, according to offshore research analysts at RS Platou. In a nutshell, they warn that around 120 rigs need to be scrapped to prevent a prolonged downturn in the fortunes of drilling contractors. They say: “Our current estimates point to active utilisations for jack-ups moving to 82% and even lower for floaters (75%) by 2016.