Cairn Energy

Other News

Analysis: Climate change risk reporting rules leave energy firms open to greater scrutiny


Carbon intensive companies should expect to face greater scrutiny over governance and climate change risks as a result of recent changes to corporate reporting. In the latest step in a campaign by environmental law charity ClientEarth, energy companies Cairn Energy Plc (Cairn) and SOCO International Plc (SOCO) have been referred to the Financial Reporting Council (FRC) for alleged breaches of reporting obligations under Section 414C of the Companies Act 2006. The claim made is that both companies failed to make adequate disclosures in their Strategic Reports 2015 about the risks posed to their businesses by climate change.

Oil & Gas

Cairn Energy set to reap £250m savings in deal


Cairn Energy expects to shave £250million off its capital expenditure following the completion of a farm-out of Catcher to Netherlands-based Dyas. The Edinburgh-based oil and gas indy agreed to sell a 10% working interest in the North Sea field to Dyas UK, retaining a 20% working interest in Catcher.

Oil & Gas

Cairn Energy axes 90 jobs

A job cull at Cairn Energy has seen about two-fifths of staff and contractors axed, the Scottish oil explorer revealed. About 90 people have gone, although most chose to take voluntary redundancy. The cuts were made across Edinburgh-based Cairn’s international operations, and leave the company with around 190 staff and contractors.

Oil & Gas

Cairn Energy makes 40% reduction to headcount


Cairn Energy has made reductions to its staff cutting 40% of its headcount in both full-time employees and contractors. The company made the announcement in a pre-close update in which it said its 2015 focus would be on an appraisal and exploration programme in Senegal. Cairn is currently still engaged in discussion with the Indian Tan department as it struggles to gain access to the value of its 10% share of Cairn Energy.