EIC Newsbrief – Scotland Jan 2013
Please note Irish news is included in this region for EIC purposes
Oil & Gas (inc Subsea) New Year message for oil and gas industry First Minister Alex Salmond has delivered a message of optimism for the oil and gas industry, calling the sector 'a sunrise industry'. The FM said the Scottish Government and the oil and gas industry must work together to help the sector grow still further in 2013 – and pledged to continue the Scottish Government’s support for the sector, building on the success of the oil and gas strategy – developed by the Scottish Government and its agencies in conjunction with the sector – to help the industry continue to thrive. Oil and gas currently meets more than two thirds of the UK’s energy needs, and is set to remain a vital part of our energy mix for decades to come. There are 24 billion barrels of oil still to be recovered in the North Sea, with a wholesale value of £1.5 trillion. The industry supports around 196,000 jobs in Scotland and North Sea revenue is forecast to raise £34 billion in tax revenue over the next six years. Capital investment in the industry has risen, from £8.5 billion in 2011 to a predicted £11.5 billion in 2012. http://www.scotland.gov.uk/News/Releases/2013/01/Oilandgas030113
Petrofac profits rise 15% Petrofac (PFC) has confirmed its previous guidance of net profit growth in 2012 of "at least 15%". In its pre-close update, the company showed a 7.4% growth year-on-year in the backlog and 23% growth since September to $11.6 billion (£7.2 billion). The backlog in offshore projects and construction grew 26% year-on-year to $3.4 billion, while the integrated energy services (IES) backlog almost doubled to $3 billion. Onshore engineering and construction (OEC) dropped almost 22% to $5 billion. However, the OEC backlog has grown 9% since mid-year and the company was confident of backlog growth in 2013 despite some contract award delays. Petrofac are presenting to EIC members in Aberdeen on the 21st of Feb 2013
Babcock in £23m deal for Weir Group's LGE Process WEIR Group has sold its LGE Process arm to Babcock International in a deal worth £23 million. LGE, based at the Heriot-Watt University Research Park in Edinburgh, designs and builds plants for processing and storing liquid gas. It is a major supplier to the marine and onshore energy sectors and employs around 50 people. For its 2011 financial year LGE had gross revenue of £26.3m and operating profit of £3m. Babcock plans to combine the company with its design services business unit, which is part of the wider marine and technology division. The enlarged business will offer mechanical, electrical and chemical processing equipment for ships, oil and gas platforms and onshore support facilities. http://www.heraldscotland.com/business/company-news/babcock-in-23m-deal-for-weir-groups-lge- process.19808346?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Oil prices forecast to deliver North Sea boost Oil prices are forecast to remain at levels that should deliver good profits for producers and sustain strong investment in the North Sea this year but will likely mean continued pain at the petrol pump for motorists. Crude prices forecast are high enough to encourage firms to maintain high investment levels in the North Sea. While the outlook for the global economy is shrouded in uncertainty, experts believe oil and gas markets will stay firm in 2013, meaning that the price of Brent Crude should remain around current levels. http://www.heraldscotland.com/business/markets-economy/oil-prices-forecast-to-deliver-north-sea- boost.19742237?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Wood Group cashes in on North Sea work WOOD Group said it has continued to cash in on strong activity levels in the North Sea and highlighted the appeal of the expanding unconventional oil and gas market in the US. In an update on trading, the Scottish oil services giant said the engineering division is particularly active on subsea and pipeline activity in the North Sea where majors are developing some giant new projects. The Aberdeen-based company said growth in the division that works on existing facilities, Wood Group PSN, has been underpinned by a strong performance in the North Sea. A boom in investment in the North Sea driven by strong global demand for oil and gas has generated lots of business for services companies. Wood said the division's growth has also been driven by high activity levels in North America,
particularly in the US shale regions.
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EIC Newsbrief – Scotland Jan 2013
Aberdeen's First Oil eyes up additional acquisitions Ian Suttie has said his First Oil business is on the hunt for more acquisitions in an update which highlights the appeal of the North Sea. The Aberdeen-based tycoon said First Oil was actively targeting acquisitions as it looked to maintain the rapid growth it had achieved in recent years. First Oil, which describes itself as the largest private UK- owned producer in the North Sea, increased reserves by 18% in the year to April 30 to 34 million barrels oil equivalent, from 29 million at the end of the preceding period. The growth has left the company with a substantial resource base, which could allow it to capitalise on growing global demand for oil and gas. This has prompted a flurry of mergers and acquisitions in the North Sea as companies try to secure access to resources. http://www.heraldscotland.com/business/company-news/aberdeens-first-oil-eyes-up-additional- acquisitions.19593535
ITF Appoints a New Chief Executive ITF, the global technology facilitator, has confirmed today that Patrick O’Brien will become its new Chief Executive Officer. Dr O’Brien, who is currently the Group Director Strategic Business and Marketing with Wood Group Kenny, will officially begin his role on 1st April 2013 and takes over from Managing Director Neil Poxon who resigned in July 2012. Dr O’Brien will be responsible for driving forward ambitious global growth plans and strengthening the development and deployment of innovative technology for the oil and gas industry’s most pertinent challenges through collaborative projects between its members.
Warning about rate of oil finds in UK North Sea The recent boom in investment in the UK North Sea will be maintained until 2015 but may peter out after that unless the exploration success rate improves from last year's record low, experts said. Wood Mackenzie predicted companies would invest over $60 billion (£37.5bn) in the North Sea between 2012 and 2015 as they look to boost production to cash in on booming demand for oil and gas. This encouraged them to ramp up spending last year to levels not seen since the heyday of the North Sea in the 1970s. The Edinburgh-based energy consultancy believes tax breaks introduced by the Coalition Government following the outcry over the hike in taxes in 2011 will encourage firms to keep on spending. http://www.heraldscotland.com/business/markets-economy/warning-about-rate-of-oil-finds-in-uk-north- sea.19871836?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Flares in fashion as North Sea revisits its Seventies heyday The decline in North Sea oil and gas production will be halted temporarily after investment by the industry last year reached the highest level since the mid-Seventies, according to the energy consultancy Wood Mackenzie. The news will be a boost for the Chancellor, who has blamed paltry tax revenues in part on a slump in North Sea output. http://www.thetimes.co.uk/tto/business/industries/naturalresources/article3652773.ece#
CAN Group Unveils Asset Integrity Management Unit Aberdeen based CAN, established in inspection and mechanical services has today unveiled a separate business unit called ENGTEQ, which will specialise in asset integrity management and enhanced specialist engineering services for clients. ENGTEQ is an evolution of the services previously offered over the past three decades within the CAN Group, bringing together CAN’s integrity management and engineering services into one standalone business unit. These two entities will be operated and managed independently, but have the backing and support of the wider CAN group.
Head of Business Development appointed by EPC Offshore Specialist oil and gas project management company EPC Offshore has appointment a new head of business development to expand the firm’s customer base across the North Sea and internationally. Jonathan White’s appointment is the latest in a series of new senior management positions amid strategic restructuring at EPC Offshore as it embarks on the next stage in its development.
Huge benefits of maximising oil and gas recovery
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EIC Newsbrief – Scotland Jan 2013
Increasing the rate of successful oil and gas recovery in the North Sea by just 1 per cent would deliver £22 billion of extra tax revenue, Energy Minister Fergus Ewing will tell the Scottish Parliament today. Maximising the amount of oil and gas recovered from existing oil wells would have enormous benefits for the Scottish economy, increasing the level of tax, ensuring that this precious asset is available for future generations, and creating further opportunities for innovation and job creation in our world-leading oil and gas sector. Average rates of recovery are relatively low, with around 40% of resources recovered from oil and gas fields in the North Sea, compared with 48% in Norwegian territory.
Intertek seals deal with Maersk Industrial safety specialist Intertek's Aberdeen-based energy business has secured a £3 million contract with Maersk Oil UK. Intertek will provide offshore chemists at three of the Danish oil giant's platforms as well as a supporting laboratory team. They will conduct services such as gathering and testing samples and monitoring process systems to support Maersk's UK North Sea operations. The three-year contract has the option for two one-year extensions.
Farstad Shipping wins $58m offshore charters Norway’s Farstad Shipping has said it has secured a clutch of contracts for platform supply vessels (PSVs) and anchor handling tug supply (AHTS) vessels worth a total of Nkr 320 million (US$58 million). The Oslo-listed shipping company said that the deals included the mobilisation of three PSVs out of the North Sea, offering “a positive impact on the market balance in the region”. http://www.upstreamonline.com/live/article1313755.ece
Half of existing oil and gas engineers may retire within the next decade A UK based recruitment agency has predicted that fresh growth in the North Sea could create up to 50,000 new oil and gas jobs. The ‘Oil and Gas People’ agency, which specializes on recruiting in the energy sector, points to last year’s record-breaking North Sea licensing round, which saw 167 new licences awarded for more than 300 blocks. It also says that shale gas exploration could create thousands of jobs, should the sector take off in the UK. In the last few months alone, Norway’s Statoil has announced a £4.3bn (US$7bn) investment that it says will create over 700 jobs in the North Sea, while South Korea’s Dana Petroleum launched a £1bn project to develop the Harris and Barra oilfields.
£6m a day lost as oil leak shuts platforms North Sea platforms including the Cormorant Alpha, centre, have been forced to cease operations because of the leak. Nine major North Sea platforms were shut down last night as an oil leak forced the closure of a crucial subsea pipeline. http://www.pressandjournal.co.uk/Article.aspx/3083779
Dana Petroleum reports first oil from North Sea field Aberdeen-based Dana Petroleum said Cormorant East would produce about 5,500 barrels of oil per day initially. Dana has a 20% stake in the field, which was formerly known as the Contender prospect. A Field Development Plan (FDP) for Cormorant East was approved by the Department of Energy and Climate Change last year. Production will be processed at the Taqa-operated North Cormorant platform, before being sent to the Sullom Voe terminal for sale. Taqa, which is an Abu Dhabi government-controlled energy company, has a 60% interest in the field. Cormorant East's other participants include Dana (20%), Antrim Resources (8.4%), First Oil Expro (7.6%) and Granby Enterprises (4%). http://www.bbc.co.uk/news/uk-scotland-scotland-business-21010950
Important new appointment for Scottish diver and ROV training facility
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EIC Newsbrief – Scotland Jan 2013
Globally-recognised and highly respected commercial diver and ROV training facility, The Underwater Centre, has made a senior appointment to further strengthen links between the Centre and the offshore industry. James Ridgeway – formerly Subsea Training Manager at the National Hyperbaric Centre in Aberdeen – has been appointed Training Operations Manager at the Fort William facility. He will be responsible for all aspects of training at the Centre, including ROV pilot technician training, as well as commercial air and saturation diver training. James’ appointment comes at an important time for The Underwater Centre, which is developing new initiatives to respond to the needs and demands of industry for skilled personnel.
Work starts on oil and gas firm’s new Aberdeen HQ Artist impression of the new GDF Suez HQ in North Esplanade West, issued by Miller Developments Work has started on new Aberdeen headquarters for GDF Suez Exploration and Production (E&P) UK. Property developer Miller Cromdale has contracted Mansell to build the 40,000 square-foot office complex in North Esplanade West. The £16.1million project is financed by investment fund manager Tritax, which will take ownership of the five-storey building on completion. GDF Suez has signed a 15-year lease and expects 150 of its employees and contractors to move in during the third quarter of 2014. GDF Suez operates from three sites in Aberdeen, where it expects its new building – replacing offices in Union Plaza, Holburn House and City Wharf – to eventually house up to 200 people. http://www.pandjenergy.co.uk/2013/01/work-starts-on-oil-and-gas-firms-new-aberdeen-hq/
Oil and gas deal expands Jim McColl's Clyde Blowers Capital intends to invest up to £50 million in Scottish engineering business Parsons Peebles Generation (PPG) after buying it for an undisclosed sum. Jim McColl has said Clyde Blowers is considering further acquisitions after buying up PPG. Rosyth-based PPG, which traces its roots to the 19th century, makes specialist power-generation components and motors mainly for the oil and gas industry. At its peak it employed more than 3000 people, but now has just 41 staff. http://www.heraldscotland.com/business/company-news/oil-and-gas-deal-expands-mccoll- empire.19979733?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Renewables / Sustainable / CCS Scots sites earmarked for fracking The prospect of a controversial technique to extract shale gas being used in Scotland took a big step forward yesterday despite an outcry from environmental campaigners. The UK Government has announced it is lifting its temporary ban on fracking, blamed last year for triggering earthquakes near Blackpool… Advocates of shale gas exploration argued the energy source could help household gas prices fall and keep the lights on across the country. Fracking is controversial because it involves hydraulic fracturing – which uses high-pressure liquid to split rock and extract gas. http://www.heraldscotland.com/news/home-news/scots-sites-earmarked-for- fracking.19675110?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Investment in renewables to top £1bn Investment in the Scottish renewable energy sector is expected to top £1 billion for the first time in 2012, according to research. Trade body Scottish Renewables said the figure could even be close to £1.5bn which would be almost double the £757.2 million recorded during 2011. The analysis of the sector is based on data provided by the Department for Energy and Climate Change (DECC) regarding how many megawatts of renewable power were installed in the first half of 2012. There were 611MW brought onstream between January and the end of June with onshore wind responsible for 572MW. Using estimates from global engineering consultancy Mott McDonald of how much is spent to provide each MW for each type of technology Scottish Renewables is able to give investment totals. The overall figure, revealed at the Scottish Green Energy Awards in Edinburgh last night, was £909.7m at
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EIC Newsbrief – Scotland Jan 2013
the half-year point and the trade organisation expects the £1bn barrier has already been broken. Onshore wind continues to make up the bulk of investment and was at £800.8m in the first six months of this year. http://www.heraldscotland.com/business/markets-economy/investment-in-renewables-to-top- 1bn.19614418?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Proven technology “is key to energy targets” The managing director of RWE npower renewables believes marine and tidal power technologies are unlikely to be commercially viable until into the next decade. The chief of RWE npower renewables predicts more offshore wind farms will be built. Julia Lynch Williams, speaking ahead of the annual Scottish Renewables awards in Edinburgh, said companies must focus on proven technologies to help meet renewable energy targets for 2020. She expects the industry to begin moving more resource towards building large-scale offshore wind farms as part of that. RWE npower renewables, the UK renewables arm of German parent RWE, operates almost 300 megawatts of onshore wind in Scotland plus some hydro schemes. It is also building a £200 million biomass plant at the Tullis Russell paper factory in Markinch in Fife. http://www.heraldscotland.com/business/company-news/proven-technology-is-key-to-energy- targets.19603897?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Iberdrola chief warns over Energy Bill delays The chief corporate officer of Iberdrola in the UK has warned any delays to the Energy Bill will result in several shovel-ready projects being held up further. Keith Anderson, who also heads up ScottishPower Renewables, warned a lack of clarity has brought investment in power plant developments to a halt. Utility companies are reluctant to invest the hundreds of millions of pounds in new plants until they have clarity from policymakers on how the industry's funding mechanisms will work. While Mr Anderson was keen to point out ScottishPower agrees with much of the policy which has so far been revealed in the Energy Bill, he is wary that as more details emerge this year the timetable – of the legislation starting to be introduced towards the end of next year – may slip. http://www.heraldscotland.com/business/markets-economy/iberdrola-chief-warns-over-energy-bill- delays.19770655?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Consultation on a new band for innovative offshore wind generation in Scottish waters In September 2012, the Scottish Government announced its intention to publish for consultation proposals for a new band for certain types of offshore wind generation in Scottish waters. This recognises the available resource around Scotland in waters which are generally much deeper than in other parts of the UK, and the potential economic and environmental benefits which the tapping of that resource might represent. This consultation paper seeks views on the size of the band that would be necessary to help deliver initial demonstration projects and capacity, and the limits and definitions which might be applied to such a band. The consultation is open until March 7 2013. http://scotland.gov.uk/Consultations/current?rowId=1596#conRow1596
500 wind turbines 'approved for Scottish Borders in 2013' The spread of wind farms across Scotland’s countryside is likely to accelerate in 2013, according to estimates showing more than 500 turbines will be built or have planning permission in the Borders alone by the end of the year. Campaigners have complied official figures showing 332 turbines have already been erected in the picturesque area, with at least another 170 expected to be constructed or given planning consent within the next 12 months. The total does not include applications that are being developed but are not far enough advanced for planning permission to be granted in 2013, or those where the precise number of turbines being considered is not known. http://www.telegraph.co.uk/news/uknews/scotland/9789723/500-wind-turbines-approved-for-Scottish-Borders-in-2013.html
British renewables power ahead The Government has hailed the progress of the renewable energy industry in the UK, describing it as a "fantastic achievement". According to the 2012 update to the Renewable Energy Roadmap published last week by Energy Secretary Edward Davey, from July 2011 to July 2012 there was a 27% increase in overall renewable electricity generated. Now more than 10% of all electricity generated is coming from renewables. In addition, there was a 40% increase over the same period in renewable electricity capacity. Wind power saw a particularly lucrative period
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EIC Newsbrief – Scotland Jan 2013
with a 60% increase of offshore wind capacity to 2.5 gigawatts and there was also a five-fold increase in solar PV capacity. http://www.edie.net/news/news_story.asp?src=nl&id=23771
UK aims for 100-metre blades British rotor technology pioneer Blade Dynamics has been hired by the UK government-backed Energy Technologies Institute (ETI) to develop blades up to 100 metres long for the coming generation of 8-10MW wind turbines. Through the £15.5m ($24.9m) project, the Isle of Wight-based company will fabricate a series of blades 80-100 metres in length that use ultra-stiff carbon-fibre rather than conventional fibre-glass in their construction. The prototype blades – slated to be put into production by late-2014 – would be the world’s longest, outstripping current record-holder Siemens’ 75-metre B75 blade. http://www.rechargenews.com/wind/article1302314.ece
Northern Seas electricity grid receives EIB funding boost European member states have approved a €10bn capital increase into the European Investment Bank which will help enable a number of energy and environmental projects. Amongst the projects expected to benefit is the construction of an integrated offshore electricity grid in the North Sea, the Irish Sea, the English Channel, the Baltic Sea and neighbouring waters. This will transport electricity from wind farms and other offshore renewable energy sources to centres of consumption and storage, and increase cross-border electricity exchange and security. This and other projects are part-financed by "Project Bonds"; credit enhancement in the form of private debt issued by the sponsors of a project, whose risk is backed by the European Investment Bank and the EU, including an upfront capped contribution from the EU budget. The extra funding for the EIB will allow it to provide over €60bn in total over a three-year period for many more economic revival projects across the European Union. http://www.link2portal.com/northern-seas-electricity-grid-receives-eib-funding- boost?utm_source=http%3a%2f%2ftenalps.communigatormail2.co.uk%2ftenalpslz%2f&utm_medium=email&utm_campaign=EAEMNewsletter100113&utm _term=Lovegrove+wins+DECC+top+job+after+Cameron+vetoes+first+choice%2c+green+predictions+for+2013+...&utm_content=768440
Record attendance at wind show The two-day offshore wind show at the Aberdeen Exhibition and Conference Centre closed yesterday with a record attendance of around 900 people. Joint organisers Scottish Enterprise and Scottish Renewables (SR) said the increase in participants was an indicator of the growing size and strength of the industry. SR senior policy manager Lindsay Leask said: “This is the largest offshore wind conference in Scotland and has been a fantastic opportunity to share ideas and expertise as well as hear from leading figures and major decision makers such as First Minister Alex Salmond. The second day ended with sessions looking at new technologies, overseas opportunities and the environmental impact of offshore windfarms. Firms, including EDP Renewables, Global Energy, Mainstream Renewable Power, Areva and FoundOcean presented forward plans and discussed procurement issues with potential suppliers. The show is expected to take place next year at the same venue. http://www.pandjenergy.co.uk/2013/01/record-attendance-at-wind-show/
Economy Scotland shows modest growth in economy There is still only modest growth in the Scottish economy as manufacturers, who it was hoped would help to rebalance the economy away from its dependence on financial services, have seen conditions deteriorate sharply. There is still only modest growth in the Scottish economy as manufacturers, who it was hoped would help to rebalance the economy away from its dependence on financial services, have seen conditions deteriorate sharply. Bank of Scotland's purchasing managers' index, a composite indicator of economic health, read 51.2 in December. This was its highest level for six months, although it still indicated just moderate expansion. It was higher than the 50 points recorded for the UK as a whole, showing that the economy had stalled. http://www.heraldscotland.com/business/markets-economy/scotland-shows-modest-growth-in- economy.19909009?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Oil and gas key sector in £1.4bn Simmons deals The Scottish arm of Simmons advised on deals worth $2.3 billion (£1.4bn) in 2012 as the investment banking firm cashed in on buoyant activity in oil and gas markets such as the North Sea. The Simmons & Co team in Aberdeen played a prominent role in the surge in mergers and acquisitions activity that swept the area as producers and services firms looked to capitalise on booming demand for oil and gas. Collectively, the 14 deals the office advised
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EIC Newsbrief – Scotland Jan 2013
on were worth more than double the total value of transactions it worked on in the previous year. With eight of the companies involved in the transactions agreed in 2012 based in Aberdeen and/or having significant North Sea interests, the deal flow reflects strong interest in the UK industry. http://www.theengineer.co.uk/policy-and-business/business-briefs/simmons-and-co-completes-23bn-of-deals-in-2012/1015345.article
Utilities SSE predicts higher profits and dividend Utility group SSE today said it expects to see its full-year profits rise by up to 5 per cent, while its dividend should rise “at least” 2 per cent above the rate of inflation to about 84p. Ian Marchant, the outgoing chief executive of the Perth-based firm, said its overall performance so far this financial year – which ends on 31 March – has been “good”. He added: “This financial year has been characterised by continuing economic uncertainty and challenging energy market conditions which have affected energy customers and electricity producers alike. Marchant is stepping down after ten years in the post and will be replaced by deputy chief executive Alistair Phillips-Davies on 1 July. Full-year results are due to be published on 22 May. http://www.scotsman.com/business/energy-and-utilities/sse-predicts-higher-profits-and-dividend-1-2768485
Turbine shipped to Tonga A Scottish wind-power specialist will ship one of its turbines about 10,000 miles to the Kingdom of Tonga after winning an order to supply renewable energy-generating technology to the South Pacific state. Gaia-Wind says its turbines, manufactured at its Glasgow base, are ideal for rural properties, such as those on Tonga's islands. http://www.heraldscotland.com/business/company-news/gaia-to-ship-wind-turbine-unit-to- tonga.20004252?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
Carbon tax cost killed off ScottishPower's Longannet CCS plan The UK Government's upcoming tax on carbon emissions was one of the key reasons behind the collapse of the Longannet carbon-capture project, after the tax added around £250 million to the cost, the Sunday Herald can reveal. The project by ScottishPower, Shell and the National Grid to build a carbon capture and storage (CCS) demonstrator at Longannet power station in Fife was tipped as the country's best chance to develop a world-leading technology that could curb the majority of emissions from coal and gas-fired plants around the world. It had become the last entrant standing in the competition to win a £1 billion investment from the government to build the scheme after rivals E.ON, BP and Peel Power dropped out. After the ScottishPower consortium failed to bring down costs below a best-case-scenario £1.2bn, the Government decided to end negotiations. A source very close to the project revealed last week that one of the main problems in the negotiations was the carbon price floor tax that became government policy after the Coalition came to power in May 2010. http://www.heraldscotland.com/business/company-news/carbon-tax-cost-killed-off-scottishpowers- longannet-ccs-plan.19960931?utm_source=headlines&utm_medium=email&utm_campaign=email%2Balert
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