Scottish Business Briefing – Friday 24 May, 2013
BANKING
New bank Aldermore offers mortgages in Scotland
CHALLENGER bank Aldermore is to offer mortgages to Scottish customers next month as the housing market shows signs of “renewed confidence”. The Bank, which has been operating in England and Wales since 2010, will be make its full product range available through independent financial advisers or on its website (Scotsman).
ENERGY & UTILITIES
Wood Group clinches five-year Gulf of Mexico deal
WOOD Group has won a five-year contract to support deepwater oil and gas platforms in the Gulf of Mexico. Under the deal with the American Hess Corporation, the Aberdeen-based company’s PSN arm will provide operations and maintenance services to the Baldpate production platform (Scotsman).
Parkmead in £14.5 million swoop for rival
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Hide AdParkmead chief executive Tom Cross hailed the firm’s most important deal to date today as he snapped up North Sea minnow Lochard Energy for less than its market value. The two companies have agreed the terms of a takeover that values Lochard at about £14.5 million. The all-share deal will vastly increase Parkmead’s revenue stream thanks to Lochard’s 10 per cent stake in the productive Athena field (Scotsman).
Bridge in market to buy after production surge
NORTH Sea-focused Bridge Energy is in the market for more acquisitions after increasing production by 27% in the first quarter. The Aberdeen-based oil and gas firm produced 1110 barrels oil equivalent daily in the three months to March compared with 873 boed in the same period last year (Herald)
TRANSPORT
Highland air links ‘at risk’ after Flybe sale
THE airline Flybe has sold its take-off and landing slots at London Gatwick airport to Easyjet for £20m – sparking fears for air links to the Highlands. There is no guarantee Easyjet will continue the services currently provided by Flybe to Inverness, which involves morning and evening flights designed around business travellers and people connecting to long-haul flights (Scotsman).
Banks to take £18m fees from FirstGroup shares bid
The prospectus for the rights issue, required to ensure that FirstGroup retains its investment grade credit status, confirmed that FirstGroup will face £30m of costs, charges and expenses, including estimated total underwriting commission of a £18.4m. A FirstGroup spokesman said: “This is completely in line with the normal market rate for the kinds of fees charged on this kind of transaction.” (Herald)