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The Herald Scotland
14-06-2025
- Business
- The Herald Scotland
Son of Scottish butcher who became visionary boss of British Rail
Died: May 28, 2025 Sir Bob Reid, who has died aged 91, had a serious accident when he was nine years old that completely changed his life. He was in his father's butcher's shop in Cupar when the mincing machine stopped and he tried to restart it. 'It restarted with a jolt, gripped and bit into my fingers and pulled me down, the blades chewing upward towards me,' he recalled. He was taken to Dundee Royal Infirmary where a surgeon operated on him. Reid had to face life without the use of his right arm. Resilience, courage and an ability to adapt governed the rest of his life. After learning to write left-handed in ten days - 'not beautifully, but adequately' - he faced his major challenge and became a single-figure handicap one-armed golfer. Robert Paul Reid was born in Cupar, the younger son of a butcher. During the Second World War his father was in the Home Guard while his mother worked in the local military command office. He attended Bell-Baxter Academy, now Bell Baxter High School, where he was head boy, played rugby and was an excellent student. But his love of golf played a significant part of his youth. By his mid-teens he was winning junior championships and wrote, 'Passion is too weak a word. Golf is not a relaxation, golf is everything, golf is a philosophy, it's a religion, I mean really absolutely.' He studied political economy at St Andrews University, won a golf blue and continued his studies at the European Business School in London. At university he met and married Joan Oram in 1958. His first posting in the oil industry was to Borneo then Australia but in 1985 he returned to London and was appointed chief executive of Shell UK coping in 1989 with a fracture in a Shell oil refinery underwater pipeline in the Mersey. The spill of 150 tons caused a public outcry but Reid dealt with the matter with a canny understanding. When Reid was made chairman he was responsible for all Shell UK's production, refineries and was much involved with the company's North Sea oil explorations. Read more In 1990 he was offered the chair of BR – it is thought the job had been offered to many other businessmen – but he believed he could bring his business experience to an industry which had been unsuccessfully restructured by successive governments. He saw the creation of the Channel Tunnel connection with France as a positive change for the entire rail industry in the UK. But he had to combat constant battles with the Blair and Major governments over money. There were fraught discussions about industrial disputes and the savage increase in fares which made for an unhappy first few months. The winter was also harsh and commuters, staff and politicians were grumbling about the service. Reid argued that the trains should run on time, be safe and give a good service. But he soon had to negotiate with the government for more money. 'As long as we get the money,' he said, 'we can make it better. The government has got to give us more money.' In 1992 the return of the Conservatives under John Major put the rail industry in a totally fresh position as the government planned to privatise the industry. Their scheme – with Railtrack in charge of the tracks and signalling, and the train services divided between operating companies – was never ideal in Reid's opinion. Sir Bob Reid (Image: PA) His time at BR was not altogether happy and it was no surprise that in 1995 he resigned when he was sidelined by a new rail regulator. But Reid left BR in a better state than he found it. The finances were stabilised and almost healthy, industrial relations were much improved and there was a far greater efficiency throughout the industry. The BR staff who affectionately nicknamed him 'the one-armed bandit' had achieved much. On leaving BR he became chairman of Sears Holdings, and deputy governor of the Bank of Scotland. In 1999 he was instrumental in revitalising the International Petroleum Exchange and helping it some years later to be handsomely floated on the New York stock exchange. Reid was a man of much charisma, drive and energy. His business acumen was sharp and he preserved an informal presence in even the most tense situation. He was the first chancellor of Robert Gordon University and was awarded honorary degrees from Aberdeen, Heriot Watt and St Andrews. He remained a passionate golfer all his life and amongst other clubs was a member of the R&A. He was also a keen opera lover and served on the boards of several musical institutions such as the London Mozart Players. His wife Joan died in 2017 and he is survived by their sons, Douglas, Paul and Michael. ALASDAIR STEVEN At The Herald, we carry obituaries of notable people from the worlds of business, politics, arts and sport but sometimes we miss people who have led extraordinary lives. That's where you come in. If you know someone who deserves an obituary, please consider telling us about their lives. Contact
Reuters
12-06-2025
- Business
- Reuters
UK to invest 200 million pounds in Acorn carbon capture project in Scotland
LONDON, June 12 (Reuters) - Britain will invest 200 million pounds ($272 million) in the Acorn carbon capture and storage (CCS) project in Scotland, the government said on Thursday, fleshing out details of funding for the technology announced in a spending review on Wednesday. Britain has a climate target to reach net zero emissions by 2050 and has said CCS will be needed to curb emissions from energy-intensive industrial sectors. Acorn, being developed by Storegga, Shell UK (SHEL.L), opens new tab, Harbour Energy (HBR.L), opens new tab and North Sea Midstream Partners, in St Fergus, Scotland, will capture carbon dioxide emissions from industry and store them under the North Sea. "This vital support will enable the critical work needed to reach Final Investment Decision (FID) and marks a major step forward — not only for Acorn, but for the development of Scotland's CCS infrastructure and the growth of a UK-wide carbon capture and storage industry," Tim Stedman, CEO of Storegga, said in an emailed statement. The government said it would also back the Viking CCS project in the Humber region, in the north of England, without specifying how much it would receive. "This (funding) will support industrial renewal in Scotland and the Humber with thousands of highly-skilled jobs at good wages to build Britain's clean energy future," Britain's energy minister, Ed Miliband, said in a release from Britain's Department for Energy Security and Net Zero. Once operational, the two projects could capture up to 18 million tonnes of carbon dioxide a year, the government said. The funding is part of 9.4 billion pounds the government pledged to carbon capture technology over the spending review period and the 21.7 billion pounds it last year said would be spent on CCS over 25 years. ($1 = 0.7352 pounds)
The Herald Scotland
07-05-2025
- Business
- The Herald Scotland
Aberdeen oil services group Wood issues major North Sea news
The company announced this morning that its securing of the 'trio of reimbursable contract extensions' would see it continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International's UK business. Wood added that it would, through the extensions, continue to 'support operations for an extensive offshore portfolio'. This includes Shell UK's Shearwater, Gannet, Nelson and Penguins assets; CNOOC's Golden Eagle, Buzzard and Scott fields; and the Triton and Western Isles FPSOs (floating production, storage and offloading vessels) for Dana Petroleum. Read more Under the cost-reimbursable arrangements, Wood recovers costs incurred in executing the contracts from the clients, and earns a profit margin. As it announced its success in extending this North Sea work, Wood highlighted its securing last year of all of its contract renewal and extension options across its UK North Sea portfolio. Wood announced on April 14 that it had received a 'holistic non-binding conditional proposal' from Dubai-based Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (Sidara), including a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company. A 35p a share offer would value Wood at around £240 million. Shares in Wood were last July, before they were hit by a series of negative updates from the company, trading significantly above 200p. On April 17, Wood announced its board had requested, and the Takeover Panel had consented to, an extension to the deadline by which Sidara is required either to announce a firm intention to make an offer for the Aberdeen company or to announce that it does not intend to make an offer to 5pm on May 15. This deadline can be further extended with the agreement of the board of Wood and the consent of the Takeover Panel. Steve Nicol, Wood's president of operations, said today: 'We have an unmatched legacy in operating and maintaining North Sea energy infrastructure. Our longstanding clients continue to partner with us to enhance operations and improve production efficiency to ensure a reliable, safe and sustainable energy supply. 'In 2024, we secured 100% of our contract renewal and extension options across our UK North Sea portfolio and continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.'
Trade Arabia
07-05-2025
- Business
- Trade Arabia
Wood boosts North Sea ops with triple extension awards
Wood, a global leader in consulting and engineering, has secured a trio of reimbursable contract extensions worth $118 million to continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International's UK business. These extensions will see Wood continue to support operations for an extensive offshore portfolio, including Shell UK's Shearwater, Gannet, Nelson and Penguins assets; Golden Eagle, Buzzard and Scott for CNOOC and the Triton and Western Isles FPSOs for Dana Petroleum, the company said. Steve Nicol, Wood's President of Operations, said: 'We have an unmatched legacy in operating and maintaining North Sea energy infrastructure. Our long-standing clients continue to partner with us to enhance operations and improve production efficiency to ensure a reliable, safe and sustainable energy supply. 'In 2024 we secured 100% of our contract renewal and extension options across our UK North Sea portfolio and continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.'
Press and Journal
07-05-2025
- Business
- Press and Journal
Troubled firm Wood says new North Sea contracts will support 500 Aberdeen jobs
Troubled Aberdeen firm Wood has secured three North Sea contracts worth around £88 million. The engineering group will continue to deliver operations and maintenance solutions for Shell UK, Dana Petroleum and CNOOC International's UK business. Wood shares are currently suspended after the group did not file its accounts for the 2024 financial year in time. It is undergoing an independent review, which has already highlighted 'inappropriate management pressure' as well as issues with project contracts. The contracts will continue to be supported by around 500 employees in the north-east. Aberdeen firm's 'unmatched legacy' Wood president of operations Steve Nicol said the firm has an 'unmatched legacy' in operating and maintaining North Sea energy infrastructure. Its contracts will see it support operations for an 'extensive' offshore portfolio including Shell UK's Shearwater, Nelson and Penguins assets. Mr Nicol said: 'Our long-standing clients continue to partner with us to enhance operations. 'And improve production efficiency to ensure a reliable, safe and sustainable energy supply. Steve Nicol, Wood's president of operations. Image: Wood 'In 2024 we secured 100% of our contract renewal and extension options across our UK North Sea portfolio. 'And continuing this success in 2025 reinforces our position as a trusted long-term partner for operations solutions in the region.' Wood shares suspended as takeover talks continue Last week, Wood issued a statement confirming that its accounts wouldn't be published in time. It said: 'As a result, Wood's shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1 until its FY24 results are published.' Wood said temporary retrospective waivers for its debt facilities have been extended until June 30 2025. Aberdeen-based Wood Group has secured extensions to three North Sea contracts. Image: Kenny Elrick/DC Thomson It is the latest setback for the firm, which is the subject of a fresh takeover bid from Dubai-based group Dar Al-Handasah, known as Sidara, made in February. The deal would be worth 35p per share – around £242m in total. It would also see a further £340m injected into Wood after Sidara confirmed it made 'significant progress' with due diligence. Wood's share price is suspended at 18.2p.
