Apache is scaling up drilling in Egypt but at the same time is working to tackle flaring, through a new gas-to-site power model.
The UK’s decision to restrict export funding for overseas energy projects is harming the country’s own suppliers, while not having an impact on hydrocarbon use.
Marine services group James Fisher has appointed Angus Cockburn, one of the top bosses at Serco, as its new chairman.
Scottish temporary power firm Aggreko gave its investors a lift with an 8% rise in underlying profits.
Aggreko shares dropped this morning after the Scottish temporary power firm revealed a 12% slump in profits last year.
French energy giant Total has agreed a supply deal with Aggreko to cover the whole of Europe.
Shares in Scottish temporary power firm Aggreko shares fell slightly yesterday as investors digested news of a £40million takeover of German-US business Younicos.
Aggreko plc has agreed the purchase of KBT (Kerta Bumni Teknindo), an Indonesia-based power rental company.
Temporary power firm Aggreko today stuck to its prediction of reduced profits for 2017.
Shares in Scottish temporary power firm Aggreko took a pummelling yesterday after it reported a 12% plunge in 2016 profits and said it expected worse this year.
Aggreko is heading to the 2018 Olympic Winter Games in PyeongChang.
Scottish temporary power firm Aggreko reported a 7% drop in underlying revenues in the third quarter of 2016 as the weakness in the upstream oil and gas sector took its toll.
Aggreko shares fell 12% this morning after the temporary power supplier reported a £30million drop in its first half profits amid a “difficult trading environment”. Aggreko, which has a manufacturing facility in Dumbarton, also stuck to its earlier guidance that profits for the full year would be slightly lower than in 2015. The company, which has provided rental power for major sporting such as the Commonwealth Games in Glasgow and the FIFA World Cup in Brazil, also said it had made 700 employees redundant worldwide as part of plans to achieve savings of £80million.
Scottish firm Aggreko will power up tomorrow night's Eurovision Song Contest in Sweden with renewable biofuel.
Aggreko today confirmed sector diversification had offset a 25% decline in its oil and gas turnover.
Whilst the recent oil and gas decline is having a considerable impact on the local and national economy with employment and business confidence levels in particular taking a hit, this slump is also having detrimental consequences to the industry’s finances.
Aggreko said today its gains from petrochemical and refining customers since July 1 had nearly cancelled out an adverse impact from weakness in oil and gas. The Scottish temporary power firm added its “resilience” against a challenging market backdrop allowed it to maintain guidance for 2015 profits of £250-£270million, down from £289million on revenue of £1.58billion last year. Chief executive Chris Weston said: “Whilst we are at an early stage in delivering the specific actions identified at our business review in August, I am encouraged with the progress we are making.”
Aggreko is on track to realise a full year profit of up to £270million.
Aggreko has seen its pre-tax profits drop from £130million to £102million, affected by a number of factors including the slowdown in the North American oil and gas sector and civil war in Yemen. The power provider has created two separate business units which came into effect this month as it looks to adapt to market conditions. It said the move will include the “streamlining” of back-office processes and closing some depots.