Taqa has taken a £339million write-down in the value of its North Sea assets as a result of Covid-19 and the oil downturn.
The UK Government has approved Taqa’s plans to decommission the topsides of the 32-year-old Eider platform in the North Sea.
Taqa has submitted plans to decommission a 30-year-old platform in the UK North Sea.
A “natural decline” in production and unplanned outages halved earnings from Taqa’s European business in 2018.
Taqa has hailed a “major milestone” as it prepares to switch its Eider platform in the North Sea to utility mode next month.
Taqa revealed plans to extend the life of its northern North Sea assets are “nearing completion” as it reported its financial results.
Energy logistics provider Peterson has secured a deal with operator TAQA to support the Middle East company's North-Sea assets.