Decomissioning North Sea energy rigs set to be worth ‘more than £20 billion’
Shutting down obsolete North Sea energy installations – a key source of work for the offshore support companies around Gt.Yarmouth and Lowestoft – will be worth more than £20 billion over the next decade, according to Offshore Energies UK. The trade body’s Decommissioning Insight 2023 report gives an overview of requirements for decommissioning and recycling of hundreds of oil and gas platforms in UK, Norwegian, Danish and Dutch waters. There are currently 283 active oil and gas fields in the North Sea. By 2030, 180 will have ceased production. Decommissioning accounted for 12 per cent of total oil and gas expenditure in the UK continental shelf in 2022, but in the right fiscal environment this could increase to 25 per cent in 2032 and overtake capital expenditure by 2040, the report claims. It says specialist UK firms are well-positioned to provide a global centre of expertise in the sector as demand for decommissioning services grows around the world, but innovation and resilience will be vital. The report underlines the potential in the sector, noting that more than 1,000 North Sea wells will be sealed between now and 2027 and around 200 new large scale wind turbines are scheduled to be installed. Ricky Thomson, OEUK decommissioning manager and author of the report, said: “There are dramatic opportunities for growth, but we need proper planning, and not just of hugely complex individual projects, but also of the specialised equipment and the efficient deployment of our highly skilled workforce.” The Insight report also highlights the knock-on damaging impact of the Energy Profits Levy and other economic factors.
Development land values slide as new homes market comes under pressure
Savills – Staff portraits – 2017.
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A weaker housing market has seen greenfield development land values drop by 8.6 per cent across the East of England over the last year, compared to a national fall of eight per cent, according to research from Savills. Urban land values in the East region have dropped 7.5 per cent, compared to a national average of 8.7 per cent. Fewer sites coming to the market and varied levels of demand is behind the falls. But despite downward market pressures, values for optimum-sized, ‘oven-ready’ sites with planning permission and surrounding infrastructure are holding firm, says Savills. Richard Janes (photo, right) at Savills in Cambridge, said: “The sites attracting the highest demand are those deliverable, low-risk sites which are also, typically, in the shortest supply – those with planning permission already agreed, in areas where there is strong demand for new homes and where a good level of infrastructure is already in place. So there is certainly pockets of resilience being seen. In contrast, there is significantly reduced demand for more challenging sites which pose higher risks relating to constraints, conditions and costs. Sites in secondary and tertiary locations – where demand for new homes is not so high and the infrastructure isn’t necessarily there to support development – are considerably more difficult to sell as there is less confidence around future sales rates.”
Grant programme launched to promote healthtech and medtech in Essex
A new grant programme is being launched to deliver innovation grants, support and events to promote healthtech and medtech investment in Essex. The Arise ABOVE (Arise Beyond Open Innovation for Value and Entrepreneurship) scheme will involve grant funds of up to £5,000 to ventures based or looking to grow, in the county and to boost activity in the sector through increased R&D, collaborations and investment. Grants will be available from 20 November until August 2024 on a rolling basis. The programme is being led by Arise Innovation Hubs with funding provided by Essex County Council. Dr Beverley Vaughan, director of Arise Innovation Hubs, said: “We clearly see the convergence of traditionally successful sectors in the region, such as advanced manufacturing and ICT, with the health technology and medtech clusters to drive new innovations. We hope that through access to specialist events, business support and funding, we will continue to support that pathway to growth.” Arise Innovation Hubs has bases in Harlow and Chelmsford and is part of Anglia Ruskin University. The thriving life scienes sector was worth over £94 billion to the UK economy in 2021 from a total of 6,548 businesses and the UK accounts for 35 per cent of all life science start-ups created in Europe since 2012.
Record October passenger numbers at Stansted airport
London Stansted saw its busiest-ever October as nearly 2.6 million passengers passed through its terminal, breaking the previous record for the month set in 2018. The airport’s wide European route network plus the half-term getaway, meant Stansted handled nearly ten per cent more passengers than in October last year. The number using the airport in the 12-months ending October 2023 reached 27.6 million, up 27 per cent on the previous year. The three most popular countries during October were Spain, Italy and Germany, while the busiest routes were Dublin, Istanbul and Edinburgh. During the month, the airport also received planning permission to extend its terminal building. Gareth Powell, London Stansted managing director, said: “We know our position as the number one UK airport for destinations to Europe, coupled with the ease and efficiency of using the airport, helps make Stansted the natural choice for so many passengers from London to Cambridge, and right across the wider eastern region.” Mr Powell (photo) recently announced that following the reintroduction of a four train per hour service during peak hours in May, Greater Anglia will resume the full every 15-minute service on Dec 10.
New display boards highlight Ipswich’s historic role as a Hanseatic port
ABP Port of Ipswich is working with the Ipswich Hanse Group on an initiative to raise awareness of the town’s long history as a Hanseatic port. Two new display boards have been unveiled at Old Custom House in the port giving an insight into Ipswich’s historic role as a key Hanseatic port during the 14th and 15th centuries. The plan is for the boards to feature at various sites across Ipswich for public viewing. The Ipswich Hansa Group has been set up to promote the town’s significance as a Headport, engaging in a trade that rivalled London. The port specialised in exporting wool and woollen cloth to northern Europe. In 2017, Ipswich Borough Council joined the modern Hanse movement, with links to over 180 Hanseatic cities in northern Europe, including five other English ports: Yarmouth, King’s Lynn, Boston, Hull and Beverley. It has boosted the town’s visibility as a tourist destination on the Hanse website (www.hanse.org) and provided access to work experience schemes for young people in various Hanse cities. Ben Good, chair, Ipswich Maritime Trust, said: “The Ipswich Maritime Trust has recently announced exciting plans, which aim to reinvigorate Ipswich’s connection with its maritime roots, to enrich our community economically, culturally and socially. This project plays an important part in those plans.”
Photo: The unveiling of the information boards at Old Custom House by the Mayor of Ipswich Lynne Mortimer
Accountancy firm wins gold in best employers award
Accountancy firm Lovewell Blake has achieved a gold accreditation in the 2023 Best Employers Awards scheme. The firm, which has around 330 staff across seven offices in Norfolk, Suffolk and Cambridgeshire, received the award after a judging process which examined results of a comprehensive staff survey, as well as looking at its professional development programmes, culture, value, and staff communications. The judges were impressed with Lovewell Blake’s training programmes, as well as its willingness to listen to staff, Lovewell Blake senior partner Mark Proctor said:“ A firm like ours is all about our people, and in the current climate, attracting and retaining the best people is how we will maintain a competitive edge. We are proud to be just one of 17 employers in the entire region to achieve a gold award, and we will continue to work hard to ensure we remain an employer of choice for the very best talent in our profession.”
Mark Proctor and Claire Moore of Lovewell Blake with the firm’s Gold Best Employer award
