North Sea

North Sea

Taqa reports progress on on cost-cutting

14/08/2015

North Sea oil producer Taqa said yesterday it was on course for annual savings of more than £260million after shedding 22% of its global workforce. It also reported higher profits from the UK North Sea after a boost from fiscal changes aimed at reducing the burden of taxation on operators and encouraging investment Grant Gillon, the Middle East firm’s new chief financial officer, said a transformational programme put in motion against a “challenging” backdrop of lower oil prices was achieving results. The Scottish engineering graduate also said Taqa’s financial position was strong after a recent refinancing of £2billion of existing credit facilities on improved terms.

North Sea

Oil and Gas UK updates well abandonment guidelines

21/07/2015

New guidelines have been set by Oil and Gas UK for well abandonment in a bid to increase cross-industry understanding of issues surrounding the process. The industry body has made the move in a bid to continue improving safety and performance across the UKCS (UK Continental Shelf). The first guidelines were set just over 20 years ago with input from member companies and stakeholders.

North Sea

Craig Group adds new rescue vessel to fleet

07/07/2015

The head of Aberdeen-based Craig Group yesterday swatted away any suggestions the firm may be experiencing buyer’s remorse after its shipping division added a new vessel to its fleet. A number of North Sea oil and gas companies have been forced to the wall this year after their ambitious spending plans failed to reap rewards as orders tailed off amid the oil price slump. But Craig Group’s boss said its outlay on emergency response and recovery vessels would safeguard hundreds of jobs at the privately owned, family-run shipping and energy services company.

North Sea

Exova extends with Maersk Oil

07/07/2015

Testing and calibration specialist Exova has been awarded a contract to provide materials qualification testing for Maersk Oil.

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