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The Port of Aberdeen boosted turnover by 10.5% to £50.7 million in 2024, despite headwinds facing the energy sector.
Chief executive Bob Sanguinetti said that, with the right policy and investment support, the UK’s oldest port “can become an international hub for offshore wind”.
He said the energy market has shifted due to the impact of the North Sea windfall tax, AKA the Energy Profits Levy (EPL) on oil and gas operators’ profits.
Services firm DeepOcean decommissioned the North Sea’s largest subsea isolation valve – a 440 tonne safety device used in oil and gas operations located next to BP’s Miller oil field – offloading it onto a quay at the port’s South Harbour in 2024.
However, Sanguinetti warned that consenting delays to offshore wind projects are hampering the energy transition.
“While this new operational landscape is exciting, it also remains uncertain, and this uncertainty shapes our outlook for 2025 and beyond,” he said.
“While our foundations are strong, the market is changing. Oil and gas activity – which accounts for almost two thirds of our revenue – is being impacted by the EPL and wavering investor confidence, while delays to consenting and grid connections are affecting timelines for offshore wind.”
The Port of Aberdeen said in a statement that revenue performance and “careful cost management” drove growth in its full year of operations after opening the £420 million Aberdeen South Harbour in September 2023.
The number of vessels arriving at the port rose by 2.6% to 7,128 in 2024. Passenger numbers rose by 2.8% during the period to 207,317, as the port said its diversification strategy across energy, trade and tourism “continued apace” in 2024.
Cruise traffic was more than one million gross tonnes of vessel throughput, bringing 24,000 guests to the region.
This came as the port increased vessel and cargo capacity, or tonnage, by 4.3% to 30.8 million tonnes in 2024.
“To fulfil our purpose of creating prosperity for generations, sustained public and private sector collaboration will be essential to unlock the full potential of Port of Aberdeen for Scotland and the UK,” said Sanguinetti.
“We look forward to further strengthening our partnerships across our extensive stakeholder community over the next 12 months.”
Mixed emissions
The Port of Aberdeen cut emissions across the resources it owns and controls in 2024, while its customers’ emissions rose – something the port said it plans to stem this quarter.
The UK’s oldest port said it had reduced emissions that fall under ‘scope one’ regulations by 42% during the period. This was owing to the port’s use of hydro-treated vegetable oil as a fuel for port equipment and vehicles, it said.
It also reduced indirect ‘scope two’ emissions by 0.5%, but downstream emissions coming under ‘scope three’, which are increasingly a subject of debate in the energy transition, increased at the port by 1.5%.
Legal cases, including a case against the Rosebank oil field and the Finch ruling, have set a precedent whereby oil companies must now take responsibility for downstream emissions.
The Port of Aberdeen said it had a plan to reduce these emissions from the second quarter of 2025.
The port said all of its profits are reinvested into its development to benefit stakeholders.
Port of Aberdeen chair Roy Buchan said: “The port exists for the benefit of our stakeholders – from the local community and customers to those leading the country – and these positive relationships are essential to our success.”
