The number of failing businesses in Scotland has grown by almost a third this year as the impact of the oil price slump takes a toll, new figures have shown.
The number of failing businesses in Scotland has grown by almost a third this year, according to new insolvency figures.
Lenders to the oil and gas sector have commenced “difficult conversations” with clients since the start of 2016 as fears that the industry’s woes would continue took hold, a corporate restructuring specialist has explained.
Wood Group has acquired the trade and assets of Enterprise Engineering Service Limited's (EESL) Aberdeen based fabrication and manufacturing business, following an announcement last month that EESL had appointed administrators.
Aberdeenshire-based SeaEnergy has been placed in administration as marine engineering services specialist James Fisher & Sons acquired the firm's Return to Scene (R2S) business.
Calendar year end is traditionally a time to pause and reflect on events, while casting an eye forward to what the year ahead may bring.
American buyers are poised to throw lifelines to struggling small businesses in Scotland’s oil and gas industry, according to a mergers and acquisitions (M&A) expert.
Friday’s OPEC meeting in Vienna confirmed what the global oil and gas industry was already resigned to – no curb to production, the supply overhang extending and more pain for the upstream industry as a whole.
OPEC's widely anticipated decision not to cut production could have far reaching consequences for the global oil markets - and the North Sea oil industry - according to experts at KPMG.
Carbon reporting from the world's largest companies lacks consistency, making it almost impossible for stakeholders to compare one company's performance easily and accurately with another's, according to a survey from accountancy firm KPMG.
The number of Scottish firms going out of business has fallen to pre-recession levels.
Brent prices jumped by $11 in the month of September marking the largest gain in three days since 1990, according to a market update. The latest findings from KPMG showed volatility in the oil markets has persisted in August and mid-September brought on by China’s financial slump and its wider effect on the markets. The price jump per barrel was influenced by speculation of an OPEC production cut.
Oil and gas supply chain firms are being urged to be vigilant after evidence of a growing number of fraudsters trying to exploit online payment processing systems. KPMG said it had seen a rise in the number of businesses being targeted by criminals seeking to substitute their own bank details for those of genuine companies. The oil and gas industry, with its extensive and complex supply chain, is deemed to be particularly at risk as a variety of legal and illegal means are used to identify suppliers and their customers.
A seminar that examines the opportunities for exploration and production (E&P) companies and oilfield services companies in India takes place in Aberdeen next week.
A KPMG audit of UK oil and gas industry contracts has revealed widespread overbilling at the same time as firms are trying to slash costs. The professional services firm said 70% of the 10,000 deals it looked at were not properly complied with, leading to regular overcharging. KPMG put the cost of unnecessary spending at between 1% and 5% of “high-risk” investments, meaning a significant level of unnecessary spending on a supply chain worth up to £35billion a year.
Merger and takeover activity in the oil and gas sector could be affected by the collapse in oil prices according to the latest data from accountancy giant KPMG.
The number of companies going bust in Scotland fell in the second quarter compared to the same period last year but was up compared to the first three months of 2015, new figures show. But while professional services firm KPMG said the figures were “positive for the majority of businesses”, it warned that the oil and gas industry is continuing to “struggle” due to the oil price slump. The food and drink, construction and care homes sectors are also faring comparatively poorly, according to the latest Scottish insolvency figures from KPMG.
Professional services firm KPMG will discuss 'doing business' in the Middle East at an event in Aberdeen this week. The seminar, held by tax leaders from the firm's offices in Oman, Saudi Arabia, United Arab Emirates and Kuwait will explore opportunities and challenges to doing business in the region with a special focus on the oil and gas industry.
Wave power company Pelamis has made its remaining staff redundant after no final offers were made for the business. Highlands and Islands Enterprise has been selected as the preferred bidder to take over the company’s assets. Administrators were called in last month after Pelamis failed to secure enough funding to develop its technology.