DELAYS in drilling wells and longer-than-expected maintenance at some of its existing assets will see production at Faroe Petroleum come in at the lower end of its forecast range.
However, chief executive Graham Stewart said the Aberdeen-based firm was looking forward to an “exciting” drilling programme around Norway, targeting five prospects that analysts at Cantor Fitzgerald described as offering “considerable upside potential”.
Average daily production for the year to 30 June will be towards the bottom of Faroe’s 7,000 to 9,000 barrels forecast.
Radio upgrade for Scottish rail lines
Communications firm Telent has been awarded a contract from Network Rail to replace radio equipment on rural single track lines from Glasgow to Oban and Inverness to Thurso.
The project, part of a £20 million investment by Network Rail, includes the replacement of radio base stations at 46 sites and radio units on more than 100 trains, including five steam locomotives, and must be completed to allow existing frequencies to be reallocated in December 2015.
Telent project manager Phil de Silva said the deal marks its first major project in Scotland.
Fisher notches up two marine deals
Marine services group James Fisher & Sons yesterday sold its 25 per cent stake in ferry operator Foreland to Hadley Shipping for £11.4 million.
Foreland was set up in 2001 by James Fisher, Hadley, Bibby and Andrew Weir Shipping, with four of its six vessels working for the Ministry of Defence. Fisher has also bought Osiris Marine Services and Osiris Underwater Engineering for £3.25m from founder Aiden West. The deals came as Fisher grew its half-year pre-tax profits by 11 per cent to £18.6m on the back of a 7 per cent rise in turnover to £200.7m.
Digital agency opens premises in London
Dog Digital, the Glasgow-based online communications agency, has expanded into London and appointed former Citywire and Financial Times sales executive Nathalie Sadler to lead its push into the financial services sector.
Panoramic Growth Equity pumped £1 million into Dog Digital in March 2012, allowing it to open an office in Singapore.
The agency – which was founded in 1996 by directors David Hamilton, Gerry McCusker and Alex Wilson – already lists Aberdeen Asset Management, Scottish Widows Investment Partnership and Standard Life among its clients.