News – SAWCONCEPTS

Ithaca Energy posts record quarterly production and narrows Rosebank first oil to first half of 2027

Admin — Wed, 26 Aug 2026 21:31:00 +0000

Ithaca Energy reported record quarterly production of 131 kboe/d in the second quarter of 2026 and said the Rosebank field is entering the final stages of execution, with the Operator narrowing the first production window to the first half of 2027 and ramp-up to plateau levels expected from summer 2027, subject to regulatory approval.

The North Sea producer, one of the largest operators on the UK Continental Shelf by production and resources, said average production in the first half was 128 kboe/d, up from 124 kboe/d a year earlier, supported by increased contributions from the Cygnus and Seagull gas fields. Adjusted EBITDAX was $1.1 billion, net cash flow from operating activities was $1.0 billion and profit for the period was $127 million, against a loss of $217 million in the first half of 2025.

The company declared a first interim 2026 dividend of $255 million, payable in September, and upgraded full-year dividend guidance to $500–530 million from $470–520 million. Full-year production guidance of 120–130 kboe/d was reaffirmed and net operating cost guidance was reduced to $800–840 million. Available liquidity at 30 June stood at $1.9 billion and adjusted net debt was $1.0 billion, giving a pro forma leverage ratio of 0.49x.

Executive chairman Yaniv Friedman said: “Ithaca Energy delivered another strong quarter and first half performance in 2026, demonstrating the strength of our business. Record quarterly production in Q2, continued safe and efficient operations, robust cash generation and disciplined capital allocation have enabled us to reaffirm full year production guidance, reduce operating cost guidance and increase our dividend outlook for the year.”

Net Rosebank project capital cost guidance for 2026 was cut to $250–280 million from $280–320 million, reflecting the rephasing of drilling activity and final FPSO commissioning scopes from 2026 into 2027. The Rosebank FPSO arrived and was moored on station in June following a short dock in Bergen; hook-up and commissioning remain on the critical path to first oil. A rig contractor equipment handling incident in April took the drilling rig off-hire; it returned to service in July and well activities have restarted.

Ithaca said Cambo, described as the largest pre-FID undeveloped discovery on the UKCS, has entered a value engineering and pre-execution phase and is progressing towards sanction in 2027, subject to regulatory approvals. The Group also completed a 50% farm-in to licences P2629 and P2630 on 1 May, adding the Tobermory discovery to its West of Shetland position, and Harbour Energy’s 45% farm-in to the Fotla discovery in the Greater Britannia Area completed on 1 July.

EQ Chartered Accountants merges with Inverness firm Innes & Partners, taking Sumer Group’s Scottish hub to 310 staff

Admin — Wed, 26 Aug 2026 21:01:57 +0000

EQ Chartered Accountants, the Dundee-headquartered Scottish hub of the Sumer Group, has merged with Inverness and Livingston-based Innes & Partners, extending its footprint into the north of Scotland and adding a 20-strong team. The deal, announced on 21 August 2026, lifts EQ’s headcount by 7% from 290 to 310. That compares with 140 staff when EQ joined Sumer Group in January 2024.

Innes & Partners, established in 2013, is a chartered certified accountancy practice serving private individuals, business owners and non-profit entities including charities, social enterprises and charitable trusts across its Inverness and Livingston offices. Both offices will continue to operate, and director Jonathan Innes will stay on as a partner in the Inverness team.

Innes & Partners’ clients will gain access to Sumer Group’s wider UK network of more than 70 offices and over 3,000 personnel, including audit, tax, advisory and business support services, while continuing to work with their existing local team.

Craig Nicol, chief executive of EQ, said: “Innes & Partners excellent reputation and strong client relationships in Inverness and Livingston perfectly complement our mission to champion SMEs throughout the UK. This merger represents another significant step in our ambitious growth strategy and we welcome them on board enthusiastically.”

Jonathan Innes, director at Innes & Partners, said: “Joining EQ, and the Sumer Group, marks an exciting new chapter for our firm. Our clients will benefit from enhanced service capabilities while maintaining the personal relationships and local knowledge they value. We’re proud to join an organisation that shares our commitment to supporting SME businesses and the communities they serve, alongside continuing to support all the not for profit work that we currently do and more.”

The Innes deal is the third EQ merger since it joined Sumer Group as the group’s Scottish hub, following earlier tie-ups with Douglas Home & Co and McDonald Gordon & Co, which extended the firm across Tayside, Fife and Scotland’s central belt. EQ is now among Scotland’s 20 largest accounting firms.

Scottish National Investment Bank reports £138m net loss as five early-portfolio failures land in one year

Admin — Wed, 26 Aug 2026 20:45:22 +0000

The Scottish National Investment Bank recorded a net loss of £138 million for the year to 31 March 2026, its largest since launching in November 2020 and its fifth consecutive full-year loss. The result combines £65.1 million of realised losses from three early investments that collapsed into administration with £84.7 million of unrealised losses, driven by write-downs and by anticipated losses on two further portfolio companies whose administration processes had not completed by year-end.

The bank posted investment income of £32.3 million, down from £34.5 million the previous year but ahead of forecast, and operating costs of £20 million, below budget. It reported an operating profit of £12 million before investment losses. Net assets at 31 March 2026 stood at £702.7 million. During the year the bank committed a record £374 million to Scottish businesses and projects, its highest annual figure since launch, and crowded in £445 million of third-party capital alongside its own, up 37% on the previous year’s £324 million.

The three failed investments driving the realised losses were M Squared Lasers, the Glasgow photonics company that was the bank’s first investment and where SNIB had a £34 million exposure; Trojan Energy, the Aberdeen-based kerbside electric-vehicle charging business, which had drawn down £26 million of a £28 million commitment before a pre-pack administration in February; and R3 IoT, trading as Krucial, the Glasgow satellite-technology firm, in which SNIB had invested £4.6 million. The anticipated losses included in the £84.7 million unrealised figure relate in part to Orbex, the Scottish rocket manufacturer in which SNIB had a £29 million investment, and to PneumoWave, the Glasgow-headquartered medical technology firm, both of which entered administration during the reporting period. The bank also recorded fair-value provisions against a further seven investee companies, some of whose value it does not expect to recover.

Chief executive David Ritchie, who took up the post in January 2026, told the Herald: “more than 90% of the losses we are reporting were investments that happened in the first three years of the bank’s activities. If you think about those first three years, we were just launching the organisation and thinking about how we could best engage and serve the market. It was on the back of Covid when business and investor confidence and sentiment were challenging.”

The bank has committed more than £1.2 billion across 53 businesses and projects since it was launched in November 2020, alongside £1.9 billion of crowded-in third-party investment. An independent review by Sir John Elvidge, published on 17 August 2026, found expected losses of around £110 million across the bank’s first five years.

Strathmore Hotels Administration Puts 410 Jobs and Eight Hotels in Play, Six of Them in Scottish Tourism Towns

Admin — Sat, 22 Aug 2026 11:14:46 +0000

Around 410 staff are being retained while administrators seek a buyer for Strathmore Hotels, the East Kilbride-based group that collapsed on 11 August owning eight hotels, six of them in Scottish tourism towns.

Interpath’s Alistair McAlinden and James Dewar took the appointment over Strathmore Hotels Limited, which had been under sustained creditor pressure for several months and faced a winding-up petition in July. All eight hotels continue to trade while the administrators assess the options.

Fort William accounts for two of the properties, the Alexandra and the Ben Nevis. Elsewhere in Scotland the group holds the Royal at Oban, the Salutation at Perth, the Nethybridge in Strathspey and the Ben Wyvis at Strathpeffer. Two sit in northern England: the Cairn at Harrogate and the Cumbria Grand at Grange-over-Sands. The Salutation, built in 1699, is said to be the oldest hotel building in Scotland.

McAlinden, who is head of Interpath in Scotland, said the hospitality sector “has faced a number of significant challenges in recent years, including rising operating costs, inflationary pressures, workforce shortages and changing consumer spending patterns”, and that Strathmore “has not been immune to these headwinds”.

He added: “Our immediate priority is to ensure continuity across the business. We recognise that this news may be concerning for employees, customers, and suppliers. However, we would like to reassure all stakeholders that it is very much business as usual across the portfolio, and we encourage guests to continue visiting the hotels as normal while we explore the best possible outcome for the business.”

The cost pressure he describes is quantified. UKHospitality Scotland analysis published in January found the average Scottish hotel faced a business rates increase of £68,007 over three years, with bills rising 21% from April 2026, driven by revaluation and the ending of the 40% relief. Its executive director Leon Thompson called the increases “staggering” and said they came “on top of increased costs of employment, energy, food and drink”.

For the Highlands, Argyll and Perth, the immediate question is ownership rather than closure: the hotels are trading, the staff are in place, and the outcome now depends on what the administrators can sell.

Scottish company failures down 28% in a year, but household insolvencies are moving the other way

Admin — Fri, 21 Aug 2026 19:05:22 +0000

The number of Scottish companies entering formal insolvency fell to 83 in July, 28% fewer than in the same month of 2025, according to figures published on 18 August by the Insolvency Service.

Creditors’ voluntary liquidations, where directors decide to wind a company up rather than wait for a creditor to force the issue, accounted for 46 of the total. There were 31 compulsory liquidations and six administrations, and no company voluntary arrangements or receivership appointments at all.

The monthly Scottish numbers are volatile and are not seasonally adjusted, so the twelve-month rate is the better guide. On that measure 49.4 in every 10,000 companies on the Scottish register entered insolvency in the year to July, down from 51.3 a year earlier. That now puts Scotland marginally below England and Wales, where the equivalent rate was 50.3, or one company in 199. English and Welsh insolvencies fell 5% year on year in July, a much shallower decline than Scotland’s.

The quarterly data from the Accountant in Bankruptcy points the same way. There were 240 corporate insolvencies in the three months to June, against 332 in the same quarter of 2025, a fall of 27.7%. Compulsory liquidations dropped from 167 to 97. Members’ voluntary liquidations, which are used to close solvent companies and are not a distress signal, rose from 119 to 127.

Insolvency practitioners have been careful not to read the decline as a recovery. Commenting on the quarterly figures in July, Blair Milne, a Glasgow-based corporate insolvency partner at Azets, said it “would be wrong to interpret the figures as evidence that the challenges facing Scottish businesses have eased” and that activity “remains elevated by historic standards”. He pointed to employer National Insurance increases and National Living Wage rises as continuing pressures on labour-intensive sectors including hospitality, retail, manufacturing, construction and social care.

Two other datasets complicate the picture. Personal insolvencies in Scotland went up while corporate ones came down: the Accountant in Bankruptcy recorded 2,181 bankruptcies and protected trust deeds in the April to June quarter, 248 more than a year earlier, an increase of 12.8%.

And across the UK, company formation is slowing alongside company failure. R3’s quarterly business health report, which uses Creditsafe data, counted 184,873 new UK companies registered in the second quarter, down 6% on the same period of 2025 — the same rate of decline it recorded in insolvency-related activity. Sonia Jordan, the trade body’s president, said the fall in new company formation suggested “many would-be entrepreneurs are taking a wait-and-see approach”.

Kenoteq banks almost £900,000 of a £2m raise to lift K-Briq output as NHS and London projects specify it

Admin — Fri, 21 Aug 2026 18:45:10 +0000

Kenoteq, the Scottish company behind a brick made almost entirely from construction waste, has taken in just under £900,000 as the first tranche of a £2m fundraise, and will spend it on production capacity.

Kelvin Capital led. The Scottish Enterprise Co-Investment Fund also took part, as did several existing shareholders who increased their stakes. The round is still open and the company says it is in discussions with other prospective investors. The money is intended to raise output of the K-Briq and speed up delivery against a pipeline of healthcare, hospitality and commercial work.

That pipeline is the substantive part of the announcement. The K-Briq has been selected for an NHS development in Wales, described by the company as among the NHS’s most sustainable hospital projects, and is being supplied to theatre and restaurant projects in London. Daily Business also lists, among current jobs, Heriot-Watt’s Dubai campus and a bakery in Surrey.

“We have built strong momentum over the past year and are now seeing that translate into an increasingly exciting pipeline of commercial projects across multiple sectors,” said chief executive Andrew Holt. “Securing work on major healthcare, hospitality and commercial developments demonstrates the confidence that clients are placing in our products and our team.”

He added that the round “remains open and we continue to welcome conversations with investors who share our ambition for the future of the business”.

The K-Briq is made from almost 100% recycled construction and demolition waste and is cured rather than fired, which is where its carbon claim comes from: the company says its embodied carbon is under 5% of a traditional clay brick’s.

Kenoteq describes itself as a 2019 spin-out from Heriot-Watt University, and Heriot-Watt describes it the same way. It was co-founded by Professor Gabriela Medero and Dr Sam Chapman, and traces its origins to discussions between researchers at the university and the Edinburgh waste firm Hamilton Waste & Recycling. It manufactures at a plant in East Lothian, which opened for commercial production after the brick was certified by the British Board of Agrément in May 2025, and can make two million bricks a year with scope to double that.

John McNicol, a director at Kelvin Capital, said the company was “exactly the kind of business Kelvin Capital likes to back: proven technology, a clear commercial strategy, and a team turning innovation into real-world impact”. Kelvin Capital is an angel syndicate with more than 300 investors and, according to Daily Business, a portfolio of 22 companies collectively valued at more than £250m.

Dundee loses all scheduled flights as Loganair closes base, with 16 jobs at risk

Admin — Fri, 21 Aug 2026 16:20:18 +0000

Dundee will have no scheduled air services from 24 October after Loganair confirmed it is closing its base at the airport and withdrawing from all three of its routes. Loganair is the only airline serving Dundee, so the withdrawal leaves the airport handling private flights alone unless a replacement operator is found.

Unite said around 16 posts are at risk. Industrial officer Dougie Orchardson said the decision “came as a complete shock” and that redundancies were possible “if no other alternative employment at another airport can be found”. He added that this was “unacceptable for the workforce and Dundee as a whole, particularly as Loganair has received millions of public funds to support public service obligation (PSO) routes”.

The Dundee–London Heathrow service, a PSO route since 2014 subsidised by Dundee City Council and the Scottish and UK governments, ends after Friday 23 October. The airline currently flies it twice each weekday and once on a Sunday. Seasonal links to Kirkwall and Sumburgh end at the same time. Loganair had announced in May that the Heathrow route would go, saying then that it remained committed to Dundee.

A Loganair spokesperson said the airline served notice on the PSO “after the contract became financially unsustainable” and had “not been able to identify a viable way forward that meets the objectives of the PSO while allowing the route to operate sustainably”.

The airport is owned by Dundee City Council and operated by HIAL, which said a review of opening hours is required and that consultation with staff and unions is in progress. The council said it is “exploring the economic case” for a new Dundee to London PSO.

Dundee handled 31,556 passengers in 2024/25, down from 34,010, according to HIAL’s most recent annual report.

Ferguson Marine Seeks 70 Voluntary Redundancies as Four-vessel Award Stays Unsigned

Admin — Fri, 21 Aug 2026 16:15:22 +0000

Ferguson Marine has opened formal consultation on up to 70 voluntary redundancies at its Port Glasgow yard, close to a quarter of a workforce of 283 that includes 34 apprentices. The state-owned shipyard, the last commercial yard on the Clyde, said the cuts reflect a workload gap as MV Glen Rosa nears delivery in the fourth quarter of 2026, with the four vessels promised in March still not under contract.

Chief executive Graeme Thomson said the yard faces “an inevitable gap in workload while we work with the Scottish Government to make the relevant preparations to enable us to proceed with contract negotiations”. He said the reductions were intended to keep the yard “lean, modern, and ready to cut steel on the new fleet as quickly as possible”. Ferguson Marine said the consultation will not affect the Glen Rosa delivery schedule.

The Scottish Government said in March it intended to award Ferguson Marine four vessels directly: two ferries for Caledonian Maritime Assets Limited, a marine protection vessel and a marine research vessel. Due diligence is still under way and engagement with the Competition and Markets Authority is required before any formal award. Economy Secretary Stephen Flynn described the redundancy scheme as “part of efforts to modernise the shipyard and put it on a more competitive footing” and said next steps would be announced to Parliament.

GMB Scotland, the largest union at the yard, blamed ministers. Secretary Louise Gilmour said “skilled and experienced shipbuilders are being encouraged to leave as those in charge send contracts everywhere but here”.

Martin McCluskey, Labour MP for Inverclyde and Renfrewshire West, told Daily Business that: “More than 1,500 jobs have now been lost in Inverclyde in just a few years.”

Ferguson Marine was taken into public ownership in December 2019.

Interocean forms Caspian joint venture with Baku’s Green Line Shipping

Admin — Thu, 20 Aug 2026 20:13:49 +0000

Interocean Group has formed a joint venture with Baku-based Green Line Shipping to expand its operations in Azerbaijan and the wider Caspian region.

The vehicle is being set up by Interocean Energy Services FZCO, an Interocean Group company, together with Green Line Shipping LLC in Baku. Interocean describes it as a strategic step in the group’s continued expansion across key maritime and offshore energy markets.

Green Line Shipping LLC is a Baku-based maritime services and offshore engineering company, providing ship management, vessel chartering, marine engineering, ship repair, consulting, training and project delivery across Azerbaijan, the Caspian region and international markets. The Interocean release describes the partnership as combining Interocean’s international standards and offshore experience with Green Line Shipping’s local knowledge and delivery track record.

Interocean Group was established in 2007 and, on its own account, is now headquartered in Glasgow and operates in 17 countries. The group runs a UK operational base at City South Business Park in Portlethen, Aberdeen, and its holding and services companies are registered at 2 Marischal Square, Broad Street, Aberdeen. The Caspian venture is being fronted by the group’s Chief Commercial Officer, Alex Clark, who is Aberdeen-based.

Alex Clark, Group CCO at Interocean, said: “This joint venture is an important step for Interocean as we strengthen our position in a strategically important market. Baku is a key hub for maritime and offshore activity in the Caspian region, and Green Line Shipping brings the local knowledge, delivery focus and shared ambition we value in a long-term partner. Together, we are creating a platform that combines international standards with practical local execution helping clients deliver safe, efficient and reliable operations across their assets.”

Renat Rzayev, CEO and founder of Green Line Shipping, said: “This joint venture with Interocean represents an important step for Green Line Shipping as we continue to strengthen the maritime capabilities available in Azerbaijan and the wider Caspian region. By combining Interocean’s international standards and offshore experience with our local knowledge and operational understanding, we are building a partnership focused on safe execution, responsive service and long-term value for customers. We also share a clear commitment to more sustainable ways of working, and we see this venture as a strong platform for future growth.”

Aberdeen based ModuSpec wins $750,000 of drillship intake work across Gulf of Mexico and Mediterranean

Admin — Thu, 20 Aug 2026 11:58:20 +0000

Rig and well control equipment assurance specialist ModuSpec has secured several projects valued at around $750,000 to support clients with the intake and acceptance of deepwater drillships.

The work covers five rigs: two drillships currently operating in the US Gulf of Mexico and three in the Mediterranean, all being assessed for potential future deployment in West and Southern Africa as well as in the Mediterranean Sea.

For the two Gulf of Mexico drillships, a multi-disciplinary ModuSpec team will assess critical rig equipment — well control, drilling, marine and station keeping systems — to support the operator’s selection process.

One of the Mediterranean drillships has already secured a contract for a multi-well exploration campaign commencing in Q4 2026. ModuSpec has been contracted to deliver a comprehensive intake programme verifying that the equipment is operationally ready for deepwater operations and compliant with client internal standards and international regulations.

Most of the units will be deployed for exploration and development operations. One rig is specifically being assessed for well intervention operations.

Mark Watson, Regional Director at ModuSpec, said: “Clients continue to engage ModuSpec for deepwater campaigns, because of our ability to support the rig intake process from the selection phase through to contract award and final acceptance.

“Every project is customised to meet the client’s specific requirements, combining technical expertise with a practical approach that goes well beyond a traditional rig inspection.”

ModuSpec Ltd is registered in Westhill, Aberdeenshire where its Europe, Africa and Middle East operational team is based alongside the Well Academy training facility at Arnhall Business Park. The company has been in business since 1988 and was sold by Vysus Group to Singapore-headquartered MR Group in March 2024.