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2015-09-14 18:35:00

BRITAIN'S WORST DOWNTURN

BRITAIN'S WORST DOWNTURN

Britain's oil and gas platform builders are facing their worst downturn in orders for 25 years, threatening thousands of jobs across the UK.

The postponement of many North Sea projects due to the fall in the oil price during the past year has left fabricators competing for a dwindling amount of work as their current order books wind down.

"It's very difficult to see where the next opportunities are going to come from," said Terry Savage, chairman of the UK Fabricators Forum.

The situation is the worst since the late 1980s, he said. "The industry is obviously suffering and the fabrication sector by its nature is suffering particularly."

Fabricators build the superstructure and legs of oil and gas platforms, as well as carrying out work on other structures and vessels, and employ about 10,000 people in the UK, with a further 10,000 in the supply chain.

The impact of the low oil price has been compounded by the strength of sterling, with the current exchange rate exacerbating the difficulty for UK-based fabricators of bidding for work in more distant markets.

In the north-east, OGN on the Tyne is completing the last contract in its order book, leaving the jobs of 1,300 people under threat. It is now focused on securing work on offshore renewables and carbon capture and storage but these sectors too are prone to delays and political uncertainty.

OGN has urged the government to try to ensure that more North Sea oil and gas investment, which is supported by UK tax concessions, comes to British companies. It believes the government could do more, without breaching EU regulations, to press the case for the UK's domestic industry.

British yards are now focused on securing work on two North Sea projects: Maersk Oil's £3bn Culzean gas plan and Chevron's Captain Enhanced Oil Recovery scheme.

Maersk has said 15-20 per cent of Culzean's work will be carried out in the UK, while Chevron said it had shortlisted four fabricators, two of them with UK facilities.

ft.com

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More: 

UK OIL UP 

GAZPROM'S UK DEAL 

UK LOSES 5,500 JOBS 

CENTRICA CUTS 6,000 JOBS 

EUROPE'S OIL VICTIM

 

 

Tags: BRITAIN, OIL, GAS, RIGS, PRICES

Chronicle:

BRITAIN'S WORST DOWNTURN
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

BRITAIN'S WORST DOWNTURN
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

BRITAIN'S WORST DOWNTURN
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

BRITAIN'S WORST DOWNTURN
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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