THE latest updates from the business world.
Petrofac wins new £229m Iraq work
OIL services group Petrofac and its Chinese joint venture partner have won a $229 million (£144m) contract with BP in Iraq.
Under the three-year agreement, Petrofac and the China Petroleum Engineering and Construction Corporation will carry out inspection, maintenance and repair work on the Rumaila oil field
where the two companies are already working on an existing contract.
Petrofac, which has significant operations in Aberdeen and Montrose, said the contract was testament to its success to date in the field.
Steelcase to furnish power firm’s HQ
OFFICE furniture specialist Steelcase Solutions has won a seven-figure contract to kit out the new 14-storey ScottishPower headquarters to be built in Glasgow’s city centre.
Steelcase’s business north of the Border has been growing at 100 per cent annually for the past three years. News of the latest deal came as Steelcase officially opened its Scottish headquarters in Glasgow.
Managing director Lawrence Morison said recent contract wins provide evidence that confidence is returning to the business community in Scotland.
Land Securities in resilient mood
Property group Land Securities said its Scottish portfolio had remained “resilient” in recent months despite tough market conditions across the sector.
The firm, which owns a string of shopping centres north of the Border, including The Centre in Livingston and Glasgow’s Buchanan Galleries, has continued to see “numerous” new lettings as well as “high” retention levels for existing occupiers.
Across the group as whole, adjusted net asset value per share was slightly higher at 864p in the first half.
Schuh shining after US takeover
SCHUH, the Scottish footwear chain which was bought by US-based Genesco last year, saw continued strong growth in the months following the deal.
The company’s latest accounts show Livingston-headquartered Schuh saw sales increase by 18 per cent to £168.7 million in the 44 weeks to the end of January.
A significant increase in administration costs pushed the company to a pre-tax loss of £140,000 compared to a profit of £14.8m in the previous year. In September, Genesco highlighted Schuh’s growth as it raised its profit outlook for the second time this year.