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Other News

Saudi Arabia to tackle global bond markets for first time amid low oil prices

Saudi Arabia could soon tap into international bond markets for the first time, according to reports. The Financial Times said the move was a growing signal of the challenges the country faces as lower oil prices impact its public finances. Officials in the country said Saudi Arabia could increase its debt levels by up to 50% of GDP (Gross Domestic Product) within five years.

Other News

Bond completes new aircraft hangar at Aberdeen International Airport

Bond Offshore Helicopters said yesterday it had completed the construction of a new aircraft hangar at Aberdeen International Airport. Located between Bond’s two passenger terminals on the east side of the airport, the 21,000sq ft hangar will be used as both a maintenance and storage facility. The company said it would help to keep its mixed fleet of 25 helicopters in top condition for safe crew-change and search and rescue operations.

Oil & Gas

Operators to fund £60million search and rescue helicopter service for Central North Sea

North Sea oil and gas operators have committed to fund a new £60million search and rescue (SAR) helicopter service to help maintain safety standards. It will supplement national SAR cover for parts of the Central North Sea. Oil & Gas UK said Bond Offshore helicopters will operate the service, which was made possible by contributions from around 20 different companies involved in the sector. It coincides with the launch of a new UK-wide search and rescue service by the Department for Transport next month at the same time as decommissioning plans for BP Miller platform, where the Jigsaw helicopter has been based.


Bond chief to depart

Bond Offshore Helicopters boss Luke Farajallah will leave his role next month, it was revealed yesterday. A replacement has been recruited. Michelle Handforth, currently general manager of Sydney Ferries in Australia, will take over the role at the North Sea helicopter firm in April.


North Sea bond investors hit by oil dip

The falling oil price has caught-out investors in a retail bond linked to a leading North Sea producer. EnQuest issued the bond two years ago, offering an attractive 5.5% interest rate until 2022. The company used it to raise £155million to help develop the Kraken field off the Shetland Islands.


Noreco requests deferral on payments

Norwegian Energy Company (Noreco) will request a deferral of bond instalments and bond interest due in December, the company has said. The bond instalment, worth NOK 560.8million, and the bond interest NOK 84.6million, will be delayed while the company explores available alternatives. The company said the deferral will allow it time to pursue any solutions which could create more values for its stakeholders.