Home   News   Article

Nigg Energy Park will be 'significant focus' for Global Energy Group


By Andrew Dixon

Easier access to your trusted, local news. Subscribe to a digital package and support local news publishing.



Click here to sign up to our free newsletters!

Mental wellbeing of staff is being considered in all decisions made by the directors of one of the nation’s leading energy firms.

Inverness-headquartered Global Energy Group – which is an international service company involved in oil and gas, renewable and nuclear sectors – recorded a drops in turnover and pre-tax profit for the year ended March 31, 2020.

A directors’ report accompanying the firm’s latest accounts – filed as GEG (Holdings) – stated: “The directors forecast a period of lower capital and operational spend in the oil and gas market within the next 12-18 months.

“With a decrease in demand for oil and gas, driven by Covid-19 and increased societal focus on climate change and CO2 emissions, the directors are positioning the business to adapt to the fast-changing energy marketplace.

“The directors have re-focused their strategy to grow market share, develop smarter technologies and processes and operate in a more efficient way which can help support the energy market transition to a lower carbon future.

“The group has placed a significant focus on the development of the Port of Nigg to support future energy infrastructure projects as well as service existing customers. Plans to develop an offshore wind manufacturing plant and hydrogen plant on site highlights the group’s commitment to a sustainable energy business for the future.”

Turnover dropped from £300,070,000 in 2018/19 to £244,997,000 in 2019/20.

For the same period, pre-tax profit fell from £15,729,000 to £9,785,000.

A strategic report alongside the accounts stated: “The health, physical and mental wellbeing of our employees and subcontractors are of critical importance to us and all decisions made by the board of directors reflect this.

“The Covid-19 pandemic presents an unprecedented challenge for all and in our business we see an instant decrease in demand for our services due to the restrictive working conditions to comply with social-distancing measures.

“Notwithstanding this, several of our services offered were deemed critical to support the energy supply chain during the pandemic and allowed the group to operate safely at a reduced level.

“It is difficult to assess the impact of the short and long-term changes in demand for our services and the longer-term impact to the business but the directors are well versed into the changing energy market demands and see opportunity to transition the business.”

The average number of employees fell from 1882 in 2018/19 to 1055 in 2019/20, while staff costs decreased from £87,857,000 to £64,087,000.


Do you want to respond to this article? If so, click here to submit your thoughts and they may be published in print.



This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More