North Sea

North Sea

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.”

North Sea

Sturgeon urges Chancellor to lower oil and gas industry taxes

26/01/2016

Scotland’s First Minister has called on the UK Government to lower taxes on the oil and gas industry in the forthcoming March Budget. Nicola Sturgeon said Chancellor George Osborne should take “urgent action” to protect jobs in the North Sea as she convened a special session of the Scottish Cabinet in Edinburgh. Ms Sturgeon said Finance Secretary John Swinney would seek an urgent meeting with the Chancellor to set out the Scottish Government’s view.

North Sea

Work of Energy Jobs Taskforce extended “indefinitely”

26/01/2016

The Energy Jobs Taskforce has had its work extended indefinitely by the First Minister as the oil and gas jobs crisis deepens. The taskforce, which was due to wind up at the end of 2015, will now continue its work throughout this year and beyond. First Minister Nicola Sturgeon made the announcement after a special cabinet meeting focused on tackling the growing crisis in the north-east.

North Sea

JDR wins Marathon contract on West Brae field

26/01/2016

Marathon Oil has awarded JDR a contract for the design and manufacture of power and static subsea umbilicals with accompanying hardware for the West Brae field. The company said the full scope of the award will be manufactured and deployed from JDR’s Hartlepool facility.

North Sea

Schlumberger says it will focus on ‘adapting’ to UK market

22/01/2016

Oilfield services company Schlumberger said it will continue to 'adapt' to the North Sea oil and gas industry as the oil price continues to stay lower for longer. The company described the situation in the UK as "challenging" after revealing it had cut 10,000 jobs while also reporting a loss of $1billion during the final quarter of last year.

North Sea

North Sea drilling at record low spells end to region’s revival

22/01/2016

The pace of drilling in the North Sea, the center of UK oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers to abandon costly projects. Just 63 percent of oil and gas rigs in the UK North Sea were being used as of Jan. 19, according to data provider RigLogix. That’s the lowest since the Houston-based company started tracking their operation in 2000. In the Norwegian North Sea, the 71 percent rate is also the worst on record.

Breaking