DOCSLIB.ORG

John Wood Group PLC Annual Report and Accounts 2016 Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

John Wood Group PLC Annual Report and Accounts 2016 Contents Strategic report Governance Group financial statements Company financial statements Our operations, strategy and Our approach to corporate The audited financial statements of 126 Independent auditor’s report business model and how we have governance and how we have Wood Group for the year ended 31 128 Company balance sheet performed during 2016 applied this in 2016 December 2016 129 Statement of changes in 01 Highlights 29 Letter from the Chair of the 68 Independent auditor’s report equity Board 02 Our vision 74 Consolidated income 130 Notes to the Company 04 Our business 30 Directors’ report statement financial statements 06 Key performance indicators 32 Board of Directors 75 Consolidated statement of 139 Five year summary comprehensive income 07 Chair’s statement 34 Corporate governance 140 Information for shareholders 76 Consolidated balance sheet 08 Chief Executive review 42 Directors’ Remuneration Report 77 Consolidated statement of 10 Segmental review changes in equity 16 Financial review 78 Consolidated cash flow 20 Building a sustainable statement business 79 Notes to the financial 26 Principal risks and statements uncertainties “Despite challenging conditions in our core oil & gas market in 2016 the Group delivered financial performance in line with expectations. Results benefited from the robust management of utilisation and costs and one off benefits. We enter 2017 as One Wood Group, repositioned to enhance customer delivery and we are encouraged by their support for our services, albeit in a competitive pricing environment. The oil & gas market continues to present challenges and we remain cautious on the near term outlook.” Robin Watson, Chief Executive To view and download our Annual Report online: www.woodgroup.com/ar16 Strategic report Governance Financial statements Highlights Financial Summary Operational Highlights Total Revenue1 X Oil & gas markets remained very challenging in 2016; lower oil prices endured and activity fell $4,934m 15.7% (2015: $5,852m) X EBITA of $363m in line with expectations, down 22.8% on 2015. Adjusted EPS of 64.1c down 23.7% Total EBITA1 X Despite lower volumes and pricing pressure, impact on EBITA and margin partly offset by: m 22.8% (2015: $470m) $363 X Robust management of utilisation and decisive action on cost: headcount down 18%, overheads EBITA Margin reduced by a further $96m X Commercial contract close outs on significant and 7.4% 0.6% (2015: 8.0%) legacy projects contributed $29m of EBITA Revenue from continuing operations X Balance sheet remains robust: Net debt, including on an equity accounting basis JVs of $331m. Net debt to EBITDA of 0.8x X Proposed dividend up 10% in line with stated intention. $4,121m 17.6% (2015: $5,001m) Dividend cover of 1.9 times (2015: 2.8 times). Intention is to pursue a progressive dividend policy from 2017, Operating Profit before exceptional items taking into account cash flows and earnings X Exceptional costs of $140m net of tax include $89m $244m 28.4% (2015: $341m) in respect of further impairment and restructuring of EthosEnergy and charges in respect of reorganisation, Profit for the year delayering and back office rationalisation in our core business $34.4m 61.8% (2015: $90.1m) X Oil & gas market continues to present challenges in 2017. Modest recovery anticipated only in selected Basic EPS areas such as US onshore and greenfield offshore projects 7.5 cents 65.0% (2015: 21.4 cents) X One Wood Group reorganisation together with sustainable overhead savings position the Group Adjusted diluted EPS well for the longer term 64.1cents 23.7% (2015: 84.0 cents) Total Dividend cents 33.3 per share 10.0% (2015: 30.3 cents) 1. Total Revenue and Total EBITA are presented based on proportionally consolidated numbers, which is the basis used by management to run the business and includes the contribution from joint ventures. A reconciliation to statutory numbers is provided in note 1 to the accounts. For further detailed footnotes: See page 19 John Wood Group PLC Annual Report and Accounts 2016 01 Strategic report Our vision “We want to be recognised as the best technical services company to work with, work for and invest in, with a relentless focus on excellence.” 02 John Wood Group PLC Annual Report and Accounts 2016 Strategic report Governance Financial statements John Wood Group PLC Annual Report and Accounts 2016 03 Strategic report Our business Inputs How we create and sustain value Safety first attitude X We design, modify, construct and Total revenue: Strong shared operate industrial facilities, mainly in values the oil & gas sector $4.9bn See page 20 X We provide our services across the People: Technical asset life cycle and enhance this with capability and experience a wide range of specialist technical solutions 29,000 Talented, flexible and motivated workforce X We employ an asset light, delivery Countries: See page 24 focused business model >40 Innovative, efficient and effective processes X We are differentiated by our range of services, our track record of delivery, Markets and sectors: Low risk the passion of our people and our commercial culture and values 15% model 7% X We look to grow by extending the Efficient capital scale and scope of our services, 15% allocation and robust balance sheet broadening into adjacent industries, 63% and developing smart technologies See page 18 Upstream oil & gas Midstream oil & gas Downstream oil & gas Other sectors Our services During 2016 we repositioned as 'One Wood Group', an organisation defined by service provision, with the intention of ensuring that the breadth of our offering across the asset life cycle is better understood. This will enable efficiency gains as a simpler business with less internal complexity and increase our effectiveness by enabling easier customer engagement. Find out more at: www.woodgroup.com/revisedsegments Digital Operations & Studies solutions maintenance Automation Pipeline Subsea Clean energy 04 John Wood Group PLC Annual Report and Accounts 2016 Strategic report Governance Financial statements How we organise our business Outputs Asset Life Cycle Solutions Specialist Technical Solutions Strong shareholder returns Western region Eastern region % of total revenue ($bn) % of total revenue ($bn) % of total revenue ($bn) Leading technical services and 43% 47% 10% solutions $2.1 $2.3 $0.5 Track record on industry leading projects Global People: People: People: reach with long term 10,900 15,300 2,800 customer relationships Significant Service breakdown Service breakdown Service breakdown contribution to local employment and communities 30% 35% 45% See page 25 70% 65% 55% Customer opex driven Customer opex driven Subsea & technology operations & maintenance operations & maintenance Automation Customer capex driven Customer capex driven projects & modifications projects & modifications Asset integrity Projects & Decommissioning solutions Industrial modifications services John Wood Group PLC Annual Report and Accounts 2016 05 Strategic report Key performance indicators To help the Group assess its performance, our leadership team sets KPI targets and monitors and assesses performance against these targets on a regular basis. Safety: Financial: Total recordable case frequency EBITA margin Net debt: EBITDA ratio (TRCF) % times per million man hours 8.0 0.8 1.73 1.79 7.5 7.4 1.56 1.48 7.2 0.5 0.5 0.5 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 We aim to deliver the highest standards of EBITA margin demonstrates our ability to The Net debt: EBITDA ratio measures our health and safety. Total recordable case convert revenue into profit. ability to service our debt. frequency is the total of lost work cases, restricted work cases and medical treatment EBITA margin reduced in the year, due to The Net debt: EBITDA ratio increased in the cases, per million man hours. lower volumes and pricing pressure. This was year; we are still within our preferred range partially offset by management of utilisation, of 0.5 to 1.5 times. We saw a 3% increase in our TRCF. Hours significant cost savings and one off benefits. worked for the year reduced by 12% and case recording across the Group improved, both of which contributed to the rise in our TRCF. Lost work case frequency (LWCF) Adjusted diluted EPS (AEPS) Return on capital employed per million man hours cents % 0.57 99.6 19.4 98.6 17.7 0.46 0.47 0.47 84.0 16.3 64.1 13.0 2013 2014 2015 2016 2013 2014 2015 2016 2013 2014 2015 2016 Lost work case frequency measures lost work Adjusted diluted EPS represents earnings EBITA divided by average capital employed cases per million man hours. before exceptional items and amortisation, measures our ability to generate profits net of tax, divided by the weighted average relative to the capital required to support We had zero fatalities and our lost work case number of shares during the year. our business. frequency remained static year on year. AEPS reduced 23.7% in 2016 reflecting The reduction in return on capital employed reduced earnings. reflects the lower EBITA for the year. Dividend per ordinary share Cash conversion cents % 33.3 119 30.3 27.5 104 98 22.0 68 2013 2014 2015 2016 2013 2014 2015 2016 The share of AEPS distributed to shareholders. The cash conversion ratio is post working capital cash flow divided by EBITDA. We delivered in line with our previously stated intention for 2016 of double digit growth. Cash conversion reduced to 68% due to the increase in working capital outflow combined with the impact of a net release For more information on For more information on of provisions on contract close outs. our safety performance: our financial performance: See page 21 See pages 16-19 06 John Wood Group PLC Annual Report and Accounts 2016 Strategic report Governance Financial statements Chair’s statement Markets 2016 represented a second successive fall in global E&P customer spending which was down over 20% following a similar reduction in 2015.
Recommended publications
  • TEACHERS' RETIREMENT SYSTEM of the STATE of ILLINOIS 2815 West Washington Street I P.O

    TEACHERS' RETIREMENT SYSTEM of the STATE of ILLINOIS 2815 West Washington Street I P.O

    Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2020 Performed as Special Assistant Auditors for the Auditor General, State of Illinois Teachers’ Retirement System of the State of Illinois Compliance Examination For the Year Ended June 30, 2020 Table of Contents Schedule Page(s) System Officials 1 Management Assertion Letter 2 Compliance Report Summary 3 Independent Accountant’s Report on State Compliance, on Internal Control over Compliance, and on Supplementary Information for State Compliance Purposes 4 Independent Auditors’ Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 8 Schedule of Findings Current Findings – State Compliance 10 Supplementary Information for State Compliance Purposes Fiscal Schedules and Analysis Schedule of Appropriations, Expenditures and Lapsed Balances 1 13 Comparative Schedules of Net Appropriations, Expenditures and Lapsed Balances 2 15 Comparative Schedule of Revenues and Expenses 3 17 Schedule of Administrative Expenses 4 18 Schedule of Changes in Property and Equipment 5 19 Schedule of Investment Portfolio 6 20 Schedule of Investment Manager and Custodian Fees 7 21 Analysis of Operations (Unaudited) Analysis of Operations (Functions and Planning) 30 Progress in Funding the System 34 Analysis of Significant Variations in Revenues and Expenses 36 Analysis of Significant Variations in Administrative Expenses 37 Analysis
  • Cairn Energy Update

    Cairn Energy Update

    Cairn Energy Update Producer, developer, explorer Oil & gas 24 July 2017 We refresh our view on Cairn Energy, focusing on key areas of interest for investors already familiar with the company. We examine a number of Price 174.7p valuation approaches for SNE in Senegal, the potential for reserve Market cap £1019m upgrades and exploration value. We believe SNE is an outsized asset and £0.8/US$ assume Cairn seeks to farm-down. This will naturally affect long-term Net cash ($m) at 31 December 2016 335 value upside, but would in our view drive a better balance of asset and Shares in issue 583.2m financial risk. We also examine features of Catcher, Cairn’s cost of capital and look at the Indian tax dispute. After a long period of value stagnation Free float 96% (as cash was invested to develop Catcher/Kraken), coming years could be Code CNE a time when investors see a path to this investment steadily bearing fruit. Primary exchange LSE Our core contingent NAV is 225p/share and our RENAV is 255p/share. Secondary exchange N/A (US$m) Operating Cash from Share price performance Year end Revenues PBT cash flow Net cash financing 12/15 0 (498) (16) 603 (6) 12/16 0 (152) (21) 335 (4) 12/17e 59 (792) (21) 18 0 12/18e 402 107 226 98 0 Note: Figures are as reported. SNE reserves upgrades hinge on upper reservoir The recent SNE-6 well test appeared to show strong connectivity between wells in the upper reservoirs, going some way to settle concerns that the pressure declines % 1m 3m 12m seen in past well testing would be major obstacles to recovery.
  • To Arrive at the Total Scores, Each Company Is Marked out of 10 Across

    To Arrive at the Total Scores, Each Company Is Marked out of 10 Across

    BRITAIN’S MOST ADMIRED COMPANIES THE RESULTS 17th last year as it continues to do well in the growing LNG business, especially in Australia and Brazil. Veteran chief executive Frank Chapman is due to step down in the new year, and in October a row about overstated reserves hit the share price. Some pundits To arrive at the total scores, each company is reckon BG could become a take over target as a result. The biggest climber in the top 10 this year is marked out of 10 across nine criteria, such as quality Petrofac, up to fifth from 68th last year. The oilfield of management, value as a long-term investment, services group may not be as well known as some, but it is doing great business all the same. Its boss, Syrian- financial soundness and capacity to innovate. Here born Ayman Asfari, is one of the growing band of are the top 10 firms by these individual measures wealthy foreign entrepreneurs who choose to make London their operating base and home, to the benefit of both the Exchequer and the employment figures. In fourth place is Rolls-Royce, one of BMAC’s most Financial value as a long-term community and environmental soundness investment responsibility consistent high performers. Hardly a year goes past that it does not feature in the upper reaches of our table, 1= Rightmove 9.00 1 Diageo 8.61 1 Co-operative Bank 8.00 and it has topped its sector – aero and defence engi- 1= Rotork 9.00 2 Berkeley Group 8.40 2 BASF (UK & Ireland) 7.61 neering – for a decade.
  • Parker Review

    Parker Review

    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
  • Cairn India Limited

    Cairn India Limited

    RED HERRING PROSPECTUS Please read Section 60B of the Companies Act, 1956 Dated 27 November, 2006 100% Book Built Issue CAIRN INDIA LIMITED (Incorporated as a public limited company under the Companies Act, 1956 on 21 August, 2006) The registered office of the Company was changed from Lentin Chambers, 3rd Floor, Dalal Street, Fort, Mumbai 400 023 to 401 Dalamal Towers, Nariman Point, Mumbai 400 021, India, its current registered office on 12 October, 2006 Tel: +(91) (22) 2287 2001; Fax: +91 (22) 2287 2002 Principal Business Office: 3rd and 4th Floor, Orchid Plaza, Suncity, Sector 54, Gurgaon, 122 002 Tel: +(91) (124) 414 1360; Fax: +(91) (124) 288 9320; Website: www.cairnindia.com Contact Person: Preeti Chheda; E-mail: [email protected] PUBLIC ISSUE OF 328,799,675 EQUITY SHARES OF RS. 10 EACH (‘‘EQUITY SHARES’’) FOR CASH AT A PRICE OF RS. [ɀ] PER EQUITY SHARE OF CAIRN INDIA LIMITED (THE ‘‘COMPANY’’) AGGREGATING TO RS. [ɀ] (THE ‘‘ISSUE’’). THERE WILL ALSO BE A GREEN SHOE OPTION OF UP TO 49,319,951 EQUITY SHARES FOR CASH AT A PRICE OF RS. [ɀ] PER EQUITY SHARE AGGREGATING TO RS. [ɀ] (THE ‘‘GREEN SHOE OPTION’’). THE ISSUE AND THE GREEN SHOE OPTION, IF EXERCISED IN FULL, WILL AGGREGATE TO 378,119,626 EQUITY SHARES AMOUNTING TO RS. [ɀ]. THE ISSUE WILL CONSTITUTE 18.63% OF THE FULLY DILUTED POST-ISSUE EQUITY SHARE CAPITAL OF THE COMPANY ASSUMING THAT THE GREEN SHOE OPTION IS NOT EXERCISED AND 20.84% ASSUMING THAT THE GREEN SHOE OPTION IS EXERCISED IN FULL.
  • Africa's Leading Independent Oil Company

    Africa's Leading Independent Oil Company

    TULLOW OIL PLC PLC OIL TULLOW 2017 ANNUAL REPORT & ACCOUNTS & REPORT ANNUAL 2017 TULLOW OIL PLC 2017 ANNUAL REPORT & ACCOUNTS AFRICA’S LEADING INDEPENDENT OIL COMPANY www.tullowoil.com D AFRICA’S LEADING INDEPENDENT OIL COMPANY Tullow Oil is a leading independent oil and gas exploration and production company. Our focus is on finding and monetising oil in Africa and South America. Our key activities include targeted Exploration and Appraisal, selective development projects and growing our high-margin production. We have a prudent financial strategy with diverse sources of funding. Our portfolio of 90 licences spans 16 countries and is organised into three Business Delivery Teams. We are headquartered in London and our shares are listed on the London, Irish and Ghana Stock Exchanges. 1 2 3 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS Our Group highlights 1 Directors’ report 56 Statement of Directors’ responsibilities 108 Our operations 4 Audit Committee report 67 Independent auditor’s report for the Chairman’s foreword 6 Nominations Committee report 73 Group Financial Statements 109 Chief Executive Officer’s foreword 8 EHS Committee report 76 Group Financial Statements 117 Chief Financial Officer’s foreword 10 Remuneration report 78 Company Financial Statements 153 Executive Team overview 12 Other statutory information 101 Five-year financial summary 162 Market outlook 14 Supplementary information Our strategy 16 Shareholder information 163 Our business model 18 Licence interests 164 Key performance indicators 20 Commercial reserves and resources 168 Creating value 24 Transparency disclosure 169 Operations review 26 Sustainability data 176 Finance review 31 Tullow Oil plc subsidiaries 179 Responsible Operations 36 Glossary 181 Governance & Risk management 38 Board of Directors 40 Principal Risks 42 Organisation & Culture 50 Shared Prosperity 52 You can find this report and additional information about Tullow Oil on our website: www.tullowoil.com Cover: TEN FPSO, Prof.
  • Firstgroup Plc Annual Report and Accounts 2015 Contents

    Firstgroup Plc Annual Report and Accounts 2015 Contents

    FirstGroup plc Annual Report and Accounts 2015 Contents Strategic report Summary of the year and financial highlights 02 Chairman’s statement 04 Group overview 06 Chief Executive’s strategic review 08 The world we live in 10 Business model 12 Strategic objectives 14 Key performance indicators 16 Business review 20 Corporate responsibility 40 Principal risks and uncertainties 44 Operating and financial review 50 Governance Board of Directors 56 Corporate governance report 58 Directors’ remuneration report 76 Other statutory information 101 Financial statements Consolidated income statement 106 Consolidated statement of comprehensive income 107 Consolidated balance sheet 108 Consolidated statement of changes in equity 109 Consolidated cash flow statement 110 Notes to the consolidated financial statements 111 Independent auditor’s report 160 Group financial summary 164 Company balance sheet 165 Notes to the Company financial statements 166 Shareholder information 174 Financial calendar 175 Glossary 176 FirstGroup plc is the leading transport operator in the UK and North America. With approximately £6 billion in revenues and around 110,000 employees, we transported around 2.4 billion passengers last year. In this Annual Report for the year to 31 March 2015 we review our performance and plans in line with our strategic objectives, focusing on the progress we have made with our multi-year transformation programme, which will deliver sustainable improvements in shareholder value. FirstGroup Annual Report and Accounts 2015 01 Summary of the year and
  • Sse Plc Sustainability Report 2021 the Year in Numbers

    Sse Plc Sustainability Report 2021 the Year in Numbers

    POWERING CHANGE SSE PLC SUSTAINABILITY REPORT 2021 THE YEAR IN NUMBERS SSE has the largest renewable electricity portfolio in the UK ABSOLUTE EMISSIONS RENEWABLES IN CONSTRUCTION and Ireland, providing energy needed today while building (SCOPE 1 AND 2) AND OPERATION Coronavirus statement a better world of energy for tomorrow. It develops, builds, The report covers the first full operates and invests in low-carbon infrastructure in 7.6MtCO e 5.8GW year of operations within the 2 constraints of the coronavirus support of the transition to net-zero, including onshore pandemic. Thanks to a highly and offshore wind, hydro power, electricity transmission RENEWABLES CONNECTED TO SSEN MEDIAN GENDER PAY GAP (UK) resilient business model and the and distribution networks, alongside providing energy TRANSMISSION’S NETWORK AND OPERATION commitment and flexibility of its employees, SSE maintained products and services to customers. the safe and reliable supply of 6.7GW 18.3% electricity throughout the year UK-listed and headquartered in Perth, SSE is a major and did not draw on furlough or rates relief in doing so. Further contributor to the economies in the UK and Ireland. It NUMBER OF SAFE DAYS RENEWABLES COMMUNITY FUNDS detail of SSE’s response to the employs more than 10,000 people and is real Living Wage AND OPERATION coronavirus outbreak can be and Fair Tax Mark accredited. found on sse.com/coronavirus 271 and throughout this report. £10.2m This Sustainability Report for the period 1 April 2020 to 31 March 2021 aims to provide enhanced disclosure of UK/IRELAND TAXES PAID SSE’s policies, practice and performance against its key economic, social and environmental impacts and goals.
  • Amec Foster Wheeler Plc First Half 2015 Results

    Amec Foster Wheeler Plc First Half 2015 Results

    Amec Foster Wheeler plc First half 2015 results Chief Executive Samir Brikho said: “In the challenging conditions we find in many of our markets our priorities are clear: to make the most of the integrated Amec Foster Wheeler platform, innovate and adapt to offer customers relevant services and continue to keep a tight control on our own costs. I continue to believe our low-risk, multi-market model is a strong platform from which to create long-term value for shareholders.” H1 2015: Key performance measures 1 £m unless stated, for 6 months ended 30 June 2015 2014 PF 2 Underlying change 3 2014 AMEC only Continuing operations (4) Scope revenue 2,581 2,613 -4% 1,808 (5) Trading profit 188 243 -24% 152 Trading margin 7.3% 9.3% (6) -200bps (6) 8.4% Trading cash flow 84 - - 39 Cash conversion 45% - - 26% Adjusted diluted earnings per share 34.0p - - 39.1p H1 2015: Reported under IFRS £m unless stated, for 6 months ended 30 June 201 5 2014 AMEC only Change Continuing operations Revenue 2,664 1,858 +43% Profit before net financing expense 83 76 +9% Profit before tax 73 83 -12% Cash flow from operations (9) 11 n/m Diluted earnings per share 14.5p 19.8p -27% Dividend per share 14.8p 14.8p - Outlook statement Our expectations for the group’s full year results remain consistent with previous guidance: underlying scope revenue is expected to be modestly lower than last year’s pro forma result, and we continue to expect a reduction in trading margins.
  • Corporate Update January 2021 Pharos Energy / 2 Disclaimer

    Corporate Update January 2021 Pharos Energy / 2 Disclaimer

    Pharos Energy Corporate Update January 2021 Pharos Energy / 2 Disclaimer This presentation has been prepared by Pharos Energy Plc. The presentation does not purport to The Group undertakes no obligation to revise any such forward-looking statements to reflect any be comprehensive and has not been fully verified nor will it be subject to material updating, changes in the Group’s expectations or any change in circumstances, events or the Group’s plans revision or further amendment. The presentation has been provided for information purposes only. and strategy. Accordingly, no reliance may be placed on the figures contained in such forward- looking statements. Forward-looking statements are not guarantees or representations of future Nothing in this presentation or in any accompanying management discussion of this presentation performance. Similarly, past share performance cannot be relied on as a guide to future constitutes, nor is it intended to constitute: (i) an invitation or inducement to engage in any performance. Even if the Group’s results of operations, financial and market conditions, and the investment activity, whether in the United Kingdom or in any other jurisdiction; (ii) any development of the industry in which the Group operates, are consistent with the forward-looking recommendation or advice in respect of the ordinary shares (the Shares) in Pharos Energy plc or statements contained in the presentation, those results, conditions or developments may not be the group of companies of which it is the ultimate holding company (together the Group); or (iii) indicative of results, conditions or developments in subsequent periods. any offer for the sale, purchase or subscription of any Shares.
  • Reforming the Electricity Market

    Reforming the Electricity Market

    HOUSE OF LORDS Select Committee on Economic Affairs 2nd Report of Session 2016–17 The Price of Power: Reforming the Electricity Market Ordered to be printed 8 February 2017 and published 24 February 2017 Published by the Authority of the House of Lords HL Paper 113 Select Committee on Economic Affairs The Economic Affairs Committee was appointed by the House of Lords in this session “to consider economic affairs”. Membership The Members of the Select Committee on Economic Affairs are: Baroness Bowles of Berkhamsted Lord Layard Lord Burns Lord Livermore Lord Darling of Roulanish Lord Sharkey Lord Forsyth of Drumlean Lord Tugendhat Lord Hollick (Chairman) Lord Turnbull Lord Kerr of Kinlochard Baroness Wheatcroft Lord Lamont of Lerwick Declaration of interests See Appendix 1. A full list of Members’ interests can be found in the Register of Lords’ Interests: http://www.parliament.uk/mps-lords-and-offices/standards-and-interests/register-of-lords- interests Publications All publications of the Committee are available at: http://www.parliament.uk/hleconomicaffairs Parliament Live Live coverage of debates and public sessions of the Committee’s meetings are available at: http://www.parliamentlive.tv Further information Further information about the House of Lords and its Committees, including guidance to witnesses, details of current inquiries and forthcoming meetings is available at: http://www.parliament.uk/business/lords Committee staff The staff who worked on this inquiry were Ayeesha Waller (Clerk), Ben McNamee (Policy Analyst), Oswin Taylor (Committee Assistant) and Dr Aaron Goater and Dr Jonathan Wentworth of the Parliamentary Office of Science and Technology. Contact details All correspondence should be addressed to the Clerk of the Economic Affairs Committee, Committee Office, House of Lords, London SW1A 0PW.
  • Minutes of Offshore Employee Consultative Forum Meeting

    Minutes of Offshore Employee Consultative Forum Meeting

    Minutes of Offshore Employee Consultative Forum Meeting Start Time 13:00 End Time 14:35 Attendees Dave Ward – Senior Manager (DW) Alison Young – Senior P&O Manager (AY) Craig Shanaghey –President (CS) Catherine Liebnitz – P&O Vice President (CL) Stuart Smith – Operations Director (SS) Derek Donald – Senior HSE Manager (DD) Aimee Ironside – Marketing and Communications Manager (AI) Rebekah Sim – P&O Coordinator (Minute Taker (RS) Employee Reps (ER): John Donnelly – BP contract Tristan Gawn – Dana contract David Dunsmore – Premier contract James Parker – Premier contract Nev Cullen – Shell OMS contract Jonny Peek – Shell OMS contract John Reid – TAQA contract Bob Wilson – TAQA contract Stephen Heaney – Retained contract Referenced Jennifer Reaich – Logistics Coordinator (JR) Fiona Reeks – P&O Business Partner These notes capture the key points. They are not a verbatim account of the meeting. Initials Detail of Discussion AY Thanked everyone for attending today. Introduced herself as Senior P&O Manager and confirmed that there were senior management on the call and CS would also be joining the call to deliver a business update. Advised that she will do a roll call and asked all reps to advise what position they worked in and on what contract and asset: David Dunsmore – CRO on Solan – Premier Contract James Parker – Rotating Equipment Technician on Balmoral – Premier Contract John Reid – Plater on the North Cormorant – TAQA Contract Jonny Peek – Lead Instrument Technician on Nelson – Shell Contract Stephen Heaney – Pipefitter on the Retained Contract Tristan Gawn – Marine Services Team Lead on Triton – Dana Contract Nev Cullen – Technician on Shearwater – Shell Contract John Donnelly – Pipefitter on ETAP – BP Contract Bob Wilson – Material Controller – TAQA Contract AY advised that those attending from Wood are DW – Senior Manager for the Aberdeen Engineering HUB and IRS Fabrication Shop.