Wood Group has been awarded a three year contract extending its support of Shell's eight UKCS offshore assets.
Wood Group PSN has taken another swing of the axe to contractor rates in response to continuing cost challenges affecting the UK North Sea oil & gas sector.
Christmas arrived early for staff at Hunter Adams after founder Dean Hunter gave away 30% of the shares in his Aberdeen-based human resources (HR) consultancy. Mr Hunter, who founded the firm in 2011, was inspired to give away the stake in his business by Production Services Network (PSN), the oil and gas services firm at which he previously worked before it was taken over by Wood Group. He said: “We often say to our staff that it’s their company, but it doesn’t ring true when you hold all of the shares.
Wood Group PSN (WGPSN) employees could soon move to an equal time rota on all BP assets. Some workers from the company are already on an equal time rota across a number of the oil major’s platforms.
Wood Group PSN (WGPSN) has appointed a new chief financial officer (CFO). Steve Nicol will take up the role, moving from his previous position as CFO of WGPSN’s UK operations. He succeeds David Kemp in the role who will become CFO of Wood Group following the retirement of Alan Semple in May this year.
In the final part of our 2014 round-up we take a look at the final few months of the year. In September, Professor Alex Kemp from the University of Aberdeen, predicted 99 new North Sea oil discoveries over the next 30 years. Mr Kemp used detailed financial modelling to set out “commercially viable” projects for the industry following the Wood Review.
The decision by Wood Group PSN to chop the rates paid to its limited company offshore and onshore contract workers and freeze the pay of most onshore employees here in the UK comes as no surprise. Wood Group PSN is right to take a stand, especially on the issue of independent contractors, given the rates that they have been able to command over the past decade or so. OK, this is the second reduction that the group has sought to impose on the so-called IR35 brigade, bringing the total cut announced this year to approaching 20% for some.
Offshore and onshore contract workers employed by Wood Group will have their rates cut by 10% on the back of lower oil prices. The company said the move will be effective from January 2015. Salaries will also be frozen for the majority of UK-based Wood Group onshore employees.