Tuesday business round-up: Four key stories of the day

Aquamarine's intellectual property has been put up for sale. Picture: Phil Wilkinson
Aquamarine's intellectual property has been put up for sale. Picture: Phil Wilkinson
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Here are four of today’s key business stories in one handy package.

Administrators for Aquamarine Power are seeking buyers for the collapsed wave energy firm’s intellectual property (IP). The Edinburgh-based firm ceased trading last month after joint administrators from BDO failed to secure a sale of the business, which employed 14 people. BDO has now called in Glasgow-based intellectual property firm Metis Partners to handle the sale of Aquamarine’s IP assets, including the technology behind its patent-protected Oyster device.

Oilfield contractor Petrofac warned that it faces further costs from its delayed gas plant on Shetland. The firm fell heavily into the red in the first half of the year after bringing in more subcontractors to get the Laggan-Tormore plant finished. “As we close out the final commercial positions with our subcontractors and our client, there is a potential additional financial exposure of a few tens of millions of dollars over and above the amount provided in the first half,” Petrofac told investors.

The rate of inflation edged out of negative territory last month, but official figures showed that mild weather drove a record fall in clothing and footwear prices amid widespread discounting on the high street. The Office for National Statistics said the rate of consumer prices index inflation rose to 0.1 per cent in November, ending two months in a row of mild deflation.

Edinburgh-based construction firm Morrison was named preferred bidder for a £43.3 million education campus in Largs. The builder, owned by FTSE 250 group Galliford Try, will now press ahead with obtaining planning permission for the scheme, which includes the relocation of Largs Academy, along with a relocated St Mary’s RC Primary School and an additional primary school, created by the amalgamation of Brisbane and Kelburn Primary Schools.