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AWE Limited chief exec to step down next year

08/10/2015

AWE Limited’s chief executive will step down next year after more than five years in the top job with the company. The firm said a new search has already begun to find Bruce Clement’s successor to the role. Chairman of the firm Bruce Phillips paid tribute to Clement for his leadership in “reshaping” the company into a more “diversified oil and gas producer”.

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IMES Marine Safety Systems invest £250,000 in upgrading quayside facility

08/10/2015

IMES Marine Safety Systems (IMES MMS) has invested £250,000 in upgrading its quayside facility at Montrose Port. The company, has been leasing the site from the Montrose Port Authority (MPA), has opened a new workshop and warehousing facility in a bid to increase its customer coverage. The 20,000 square foot quayside facility will allow IMES MMS to provide support vessels for lifesaving equipment inspections combined with lifting inspection and testing, marine inspectionsm and winch spooling operations.

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Norway looks at riskier assets as wealth fund withdrawals loom

08/10/2015

As Norway prepares to make the first withdrawals from its $820 billion wealth fund, the government is considering letting it take on riskier investments. The Finance Ministry is looking into whether to boost the fund’s stock allocation to beyond 60 percent as the investor struggles with record low bond yields. The government is forming a panel to assess the impact of changing the limit that will report back in 2017.

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Cyber security attacks costing more than £1.7million, with oil and gas firms at risk

08/10/2015

Almost 10% of companies in the UK are unaware they have been victim to cyber security attacks with incidents now costing an average of £1.7million, according to a new report. The annual survey, which involved more than 10,000 executive from more than 127 countries, showed an escalation in the frequency, severity and impact of cyber-attacks. Insiders - either current or former employers - top the list as a major source of incidents. But it was also found firms are becoming more adept at prevention and detection methods with innovation also on the rise.

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Norway proposes boosting oil cash spending to a record

07/10/2015

Norway’s government will propose spending a record amount of its petroleum wealth to cover budget needs as it seeks to rescue the economy from the plunge in oil prices, according to state broadcaster NRK. The minority coalition plans on spending a record 193 billion kroner ($23 billion) of oil income in 2016, up from an estimated 168.8 billion kroner this year, NRK reported, without citing where it got the information. That represents 2.8 percent of its wealth fund, the world’s biggest, NRK said. The government seeks to keep oil cash spending within 4 percent of the value of the fund. The budget will be revealed at 10 a.m. Wednesday in Oslo. “The budget will be well-adapted to handle challenges both in the short and long term,” Finance Minister Siv Jensen said to reporters as she was leaving her house early Wednesday. It will be a “good” and “expansionary” spending plan, she said.

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The irresistible power of evaporation

According to Columbia University scientists, this fundamental force of nature is ‘more powerful than other forces like wind and waves’ An immensely powerful yet invisible force “lifts” water from Earth’s surface to the top of the tallest redwood and delivers snow to the tops of the Himalayas. Yet despite the power of evaporating water, its potential to propel self-sufficient devices or produce electricity has remained largely untapped – until now.

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Oceaneering International makes changes to its leadership team

06/10/2015

Oceaneering International said there will be changes to its leadership team. The company said Marvin Migura will no longer remain as executive vice president of the company but will still maintain his role as senior vice president. Migura joined Oceaneering in 1995 as chief financial officer and was appointed to executive vice president four years ago.

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ProSep makes change to team at the top amid oil price decline

06/10/2015

ProSep has made a number of changes to its senior team as it looks to strengthen its position amid the oil price decline. The company said Patrick McCarthy, who joined the board of directors one year ago, will become the chief executive. Former boss Neil Poxon will remain with ProSep to oversee the transition until the end of this year.

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