KPMG reveals key to reducing operating costs by 30%
Oil exploration and production companies could lower unit operating costs (UOC) by another 30% if they deliver just a few changes, KPMG said in a new report.
KPMG
NnG offshore wind farm seeks equity partner
Wind and solar company Mainstream Renewable Power has begun the selection process to bring a majority equity partner on board the Neart na Gaoithe (NnG) wind farm.
KPMG says oil tax reform ‘levels playing field’
KPMG has said that ground-breaking new oil and gas tax rules would create a "level playing field" for North Sea investors.
Scottish Parliament bans fracking as Tories lament missed ‘gold rush’
A north-east Conservative said the Scottish Government’s fracking ban means the country missing out on “what should have been the gold rush of this century” after it was backed by Holyrood.
ABB to propose KPMG as external auditor from 2018
ABB announced today that its Board intends to appoint KPMG as its external auditor effective for the financial year 2018. This decision was taken following a year-long comprehensive external auditor tender process initiated in 2016 in line with international good governance practices.
Fewer oil company insolvencies than expected, KPMG says
There have been fewer insolvencies of oil and gas companies than expected over the past three years, a restructuring specialist has said.
Bankrupt former GOT boss ‘complying fully’ over unsettled director’s loan
An Aberdeen businessman who was recently made bankrupt said yesterday he is complying fully after administrators commenced legal action to recover a director’s loan from him.
Sabre saved by private equity-backed Starn Energy
A collapsed company specialising in breathing systems for oil and gas workers has been rescued out of administration.
KPMG oil and gas chief predicts more infrastructure deals in 2017
There is currently a “massive appetite” for UK North Sea infrastructure among potential investors, an oil and gas expert said yesterday.
KPMG says expected jump in oil and gas failures has ‘simply not materialised’
Oil and gas industry woes are not reflected in the latest figures for business failures across Scotland, KPMG said yesterday.
Dealmakers set sights on nascent North Sea recovery
Aberdeen dealmakers are expecting an upturn in mergers and acquisitions amongst North Sea companies as they emerge from “survival mode” and look for new opportunities.
EV in Houston: Big oil ditches expensive real estate for juice bars, comfortable at $50
Big oil in Houston is ditching fancy real estate for juice bars, according to KPMG’s new head of its energy and natural resources practice.
Opinion: Still significant challenges for the North Sea
With oil prices continuing to hover below $50 a barrel, the release today of Oil & Gas UK’s 2016 Economic Report, has served to remind us of the significant challenges currently facing the UK North Sea.
21 jobs lost at CIE
An Aberdeen oil and gas engineering firm has gone into administration with the immediate loss of 21 jobs.
Simmons Private Equity snaps up Imes from administrators
A company backed by Aberdeen’s Simmons Private Equity has snapped up a firm led by well-known business man, Melfort Campbell, from administrators.
Administrators called in for PresureFab as oil downturn hits
A specialist rig topside company has gone into administration.
Oil and gas dowturn leads to rise in corporate insolvencies
The number of failing businesses in Scotland has grown by almost a third this year as the impact of the oil price slump takes a toll, new figures have shown.
Insolvency appointments up by 30%, figures show
The number of failing businesses in Scotland has grown by almost a third this year, according to new insolvency figures.
Difficult conversations with bankers are “tough but not without hope” – Nimmo
Lenders to the oil and gas sector have commenced “difficult conversations” with clients since the start of 2016 as fears that the industry’s woes would continue took hold, a corporate restructuring specialist has explained.
Wood Group saves EESL’s Aberdeen fabrication business from administration
Wood Group has acquired the trade and assets of Enterprise Engineering Service Limited's (EESL) Aberdeen based fabrication and manufacturing business, following an announcement last month that EESL had appointed administrators.
SeaEnergy placed in administration
Aberdeenshire-based SeaEnergy has been placed in administration as marine engineering services specialist James Fisher & Sons acquired the firm's Return to Scene (R2S) business.
Lower for longer – and with more uncertainty
Calendar year end is traditionally a time to pause and reflect on events, while casting an eye forward to what the year ahead may bring.
US buyers eyeing struggling North Sea oil and gas firms
American buyers are poised to throw lifelines to struggling small businesses in Scotland’s oil and gas industry, according to a mergers and acquisitions (M&A) expert.
Opinion: Controlling your own destiny will be critical in the lower-for-longer scenario
Friday’s OPEC meeting in Vienna confirmed what the global oil and gas industry was already resigned to – no curb to production, the supply overhang extending and more pain for the upstream industry as a whole.
An OPEC decision not to cut production could hit North Sea oil sector says KPMG
OPEC's widely anticipated decision not to cut production could have far reaching consequences for the global oil markets - and the North Sea oil industry - according to experts at KPMG.