5 August 2016 | Herpreet Kaur Grewal The engineering, IT and facilities services business – which provides planned preventative and reactive fabric maintenance as well as critical environment management – reported turnover of £408m for the year 2015/16. This represents a rise of 12 per cent from the previous year’s
©Bloomberg Statoil has made its flagship oil project in Norway’s North Sea profitable at less than $25 a barrel after slashing costs and lifting production forecasts. The move will be closely watched by the energy industry which is trying to adapt to lower prices. The Johan Sverdrup discovery, Norway’s biggest
The Royal Institute of British Architects (RIBA) and Almacantar are delighted to announce a major partnership for the RIBA Stirling Prize. The three-year sponsorship commences with immediate effect. Mike Hussey, Chief Executive Almacantar, said: “Buildings touch all of us in our daily lives and their design requires a thorough understanding
A social housing scheme in Essex and an eco community centre in Cambridgeshire are among twelve buildings to win one of this year’s RIBA East Awards from the Royal Institute of British Architects, in recognition of their architectural excellence and contribution to society. The East of England buildings that have
©Bloomberg Two Chinese state banks have agreed to lend more than $12bn to develop a liquefied natural gas plant in the Russian Arctic, in a boost for one of President Vladimir Putin’s flagship projects after US sanctions targeted its largest shareholder. A financing deal for Yamal LNG, one of the
A poll of 100 members of the National Federation of Builders (NFB) revealed Brexit leanings. Asked if the UK would benefit from being in or out of the European Union, 43% said they would like to leave, 39 are in the Remain camp and 18 are still undecided. When asked
Continuing recovery at Severfield, Britain’s biggest structural steelwork contractor, has seen it grow revenues and return to profit. Above: Severfield is Carillion’s steelwork contractor on the Anfield stadium redevelopment in Liverpool For the year to 31st March 2016 Severfield made a pre-tax profit of £9.64m on revenue up 19% to
Electricians in Reading, has been named Which? Trusted Trader of the Year 2016. Based in Berkshire, Electricians in Reading provides a range of services to commercial and domestic clients. The firm, which was founded in 2012, is both an Electrical Contractors’ Association (ECA) member, and an Elecsa registrant.
©Getty Gas prices touched nearly $3 per thousand cubic feet Thursday, the highest in a year Southwestern Energy, a big US natural gas driller, has nice timing. Good thing; companies wrestling with big debt need it. It rebuilt its debt and equity structure in the past few days, a very
19 September 2016 | Jamie Harris Servest has won a five-year contract with Imperial War Museums (IWM). The contract, which begins in November, sees Servest responsible for soft services, including cleaning, front-of-house services, waste management and pest control at the Imperial War Museum London, the Churchill War Rooms, HMS
5 August 2016 | Herpreet Kaur Grewal The engineering, IT and facilities services business – which provides planned preventative and reactive fabric maintenance as well as critical environment management – reported turnover of £408m for the year 2015/16. This represents a rise of 12 per cent from the previous year’s figure of £365m. Operating profit also increased year on year, from £2m to £6m. The group attributes its strong results to the success of its diversification strategy. In a statement accompanying its results, the company said that the last four years have seen NG Bailey “place an emphasis on better balancing its portfolio of work across services (IT, energy and facilities management), larger scale infrastructure projects and traditional building construction”. This growth has been achieved alongside a £2m investment in sectors including energy management and smart buildings, as well as a “continued annual investment of £3m in training and development”. David Hurcomb, chief executive of NG Bailey, said: “Our operating performance demonstrates that our strategy to achieve a better-balanced business has worked”. Source link
©Bloomberg Statoil has made its flagship oil project in Norway’s North Sea profitable at less than $25 a barrel after slashing costs and lifting production forecasts. The move will be closely watched by the energy industry which is trying to adapt to lower prices. The Johan Sverdrup discovery, Norway’s biggest in 30 years, has benefited from the slump in oil prices as government-controlled Statoil has been able to squeeze costs from suppliers. Eldar Saetre, Statoil’s chief executive, told an industry conference in Stavanger that it had reduced the costs for the initial phase of Johan Sverdrup by a fifth to NKr99bn ($12bn). It has also raised its estimate for output in the first phase from 315,000-380,000 barrels a day to 440,000 with production due to start at the end of 2019. “Now the break-even price is under $25 a barrel — oh, God, that is an impressive achievement,” Mr Saetre said, referring to the costs in the first phase. With the oil price still far short of the more than $100 a barrel it was trading at just over two years ago, energy companies are having to adjust to an era of weaker prices. Johan Sverdrup, which is estimated to contain up to 3bn barrels of oil equivalents, is seen as crucial to both Norway and Statoil coming out of the current slump in oil investments after prices more than halved in recent years. At its peak, Johan Sverdrup should account for a quarter of all Norwegian oil and gas production and is estimated to last 50 years, producing NKr1.35tn in revenue. Many oil companies, including Statoil, are hoping that the Norwegian Arctic will prove to be the next big frontier for petroleum, but even with oil prices at about $50 per barrel, as currently, the region is widely seen as unprofitable. But Johan Sverdrup is a different matter, with Statoil also reducing its cost estimate for the full-field development. This is now expected to be NKr140bn-NKr170bn, down from the NKr170bn-NKr220bn seen last year, giving a full-field break-even level of under $30 per barrel. Full-field production is expected to start in 2022 and involve 550,000-650,000 barrels per day. Statoil is not the only company to benefit from Johan Sverdrup, even though, as the operator with a 40 per cent stake, it has the biggest share. Lundin Petroleum, the Swedish independent oil company behind the Johan Sverdrup discovery, is the second-biggest partner with a 22.6 per cent stake. “It has been my long-held view that this world-class project will continue to show improvements from a resource, cost and value perspective as time progresses,” said Alex Schneiter, chief executive of Lundin. “We are now seeing the results of good co-operation between Statoil, its partners and suppliers. We are strongly reducing investment costs, and we are increasing the process capacity, resource estimate and value of the field. Johan Sverdrup is a world-class project, and we want to create high value for the owners and society for generations,” said Mr Saetre. Shares in Statoil were flat on Monday, while those in Lundin rose 2 per cent. Petoro, the Norwegian state-owned group, Det norskeoljeselskap, and Maersk Oil are the other partners in Johan Sverdrup. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
The Royal Institute of British Architects (RIBA) and Almacantar are delighted to announce a major partnership for the RIBA Stirling Prize. The three-year sponsorship commences with immediate effect. Mike Hussey, Chief Executive Almacantar, said: “Buildings touch all of us in our daily lives and their design requires a thorough understanding of use and users, context, structure and material. The RIBA Stirling Prize recognises excellence in this field and we are delighted to be sponsoring this most esteemed award in UK architecture.” RIBA Chief Executive Harry Rich said: “We are delighted that Almacantar have joined us as partners for the RIBA Stirling Prize. Now in its 20th year the prize continues to go from strength to strength and the generous support of Almacantar marks an exciting new development for architecture’s most prestigious award.” Stephen Hodder MBE, RIBA President and the first ever recipient of the RIBA Stirling Prize, said: “Almacantar have an enviable portfolio of investment and development, working with some of the most world-renowned and up-and-coming architects. I am delighted the RIBA Stirling Prize has the patronage of such experienced supporters of architecture.” Ends Notes: 1. For further press information, contact Melanie Mayfield melanie.mayfield@riba.org 020 7307 3662 2. Almacantar is a property investment and development company specialising in large-scale, complex investments in Central London, with the potential to create long-term value through development, repositioning or active asset management. Since launching in 2010, Almacantar has acquired a number of prime assets with untapped potential in the heart of London, including: Centre Point, Marble Arch Tower, CAA House, 125 Shaftesbury Avenue and One and Two South Bank Place. www.almacantar.com For further information please contact: Finsbury +44 (0)20 7251 3801 Faeth Birch 3. The RIBA Stirling Prize was set up in 1996 and is named after the great British architect Sir James Stirling (1926 – 1992). The prize is presented to the architects of the building that has made the greatest contribution to the evolution of architecture over the past year. The prize is for the best building in the UK by an RIBA chartered architect or International Fellow. www.architecture.com/ribastirlingprize 4. The Architects’ Journal is professional media partner for the RIBA Stirling Prize. www.architectsjournal.co.uk 5. The Royal Institute of British Architects (RIBA) champions better buildings, communities and the environment through architecture and our members www.architecture.com 6. Follow us on Twitter for regular RIBA updates www.twitter.com/RIBA Posted on Friday 7th August 2015 Source link
A social housing scheme in Essex and an eco community centre in Cambridgeshire are among twelve buildings to win one of this year’s RIBA East Awards from the Royal Institute of British Architects, in recognition of their architectural excellence and contribution to society. The East of England buildings that have won an RIBA East Award 2016 are: Bedfordshire St Bede’s Extra Care, Bedford,by PRP, Thames Ditton The Quarry Theatre at St Luke’s, Bedford School, Bedford, by Foster Wilson Architects, London Cambridgeshire 51 Hills Road, Cambridge, by Gort Scott, London Cripps Building, St John’s College, Cambridge, by R H Partnership Architects, Cambridge Gamlingay Eco Hub, Cambridgeshire,by civic Architects Ltd, London Essex Albert Sloman Library and Silberrad Student Centre, University of Essex, Colchesterby Patel Taylor, London Derry Avenue, South Ockendon, by Bell Phillips Architects, London The Avenue, Saffron Walden, by Pollard Thomas Edwards, London Hertfordshire New QEII Hospital, Welwyn Garden City, by Penoyre & Prasad LLP Norfolk Boardman House (School of Architecture), Norwich University of the Arts, Norwich, by Hudson Architects, Norwich Bob Champion Research and Education Building, UEA, Norwich, by HawkinsBrown, London Westlegate House, Norwich, by 5th Studio, Cambridge From the 12 regional award winners, a number of special awards have also been announced. The ultimate accolade of RIBA East Building of the Year 2016, sponsored by Marley Eternit, has been awarded to Albert Sloman Library and Silberrad Student Centre, University of Essex, in Colchester, by Patel Taylor. Derry Avenue by Bell Phillips Architects picked up two special awards, the RIBA East Architect of the Year sponsored by Tarmac and the client Thurrock Council Housing Department was named the RIBA East Client of the Year, sponsored by ET Clay Products. The RIBA East Conservation Award, sponsored by Historic England was awarded to the Cripps Building, St John’s College, Cambridge, by Cambridge-based R H Partnership Architects. The RIBA East Sustainability Award, sponsored by Sika went to the New QEII Hospital, Welwyn Garden City, by London architects Penoyre & Prasad LLP. Last but not least, a special mention went to Gamlingay Eco Hub, by civic Architects Ltd for its outstanding contribution to the local community. The Awards were presented at an awards ceremony at St John’s College, Cambridge this evening (Thursday 14 April 2016), hosted by RIBA Chief Executive Alan Vallance and RIBA East Awards Jury Chairman Peter Williams of Moses Cameron Williams Architects. Speaking today, RIBA East Chairman Nicolas Tye said: “The RIBA East Awards are a fantastic celebration of the inspiring architecture that the region has to offer. The diversity of these projects and the extraordinary quality of the 25 schemes that were shortlisted says a lot for the creativity and skill of the current generation of architects here in the UK. These awards demonstrate that by engaging with an architect, clients can achieve tremendous buildings that improve our communities, enhance people’s lives and are very good value for money.” -ends- Notes to editors: For further press information, including access to press images of the winning buildings and judges citations contact: john.mcmenemy@riba.org 01223 566285 or louise.todd@riba.org 07501 466644. Winners of the RIBA East Awards will go forward as contenders for the RIBA National Awards, the winners of which will be announced on 23 June 2016. Winners of RIBA National Awards are then considered for the RIBA Stirling Prize, announced in October. The RIBA East Special Awards are sponsored by ET Clay Products, Heritage Clay Tiles, Historic England, Marley Eternit, Sika and Tarmac. RIBA Awards have been running continuously since 1966 and are judged and presented locally. No matter the shape, size, budget or location, RIBA award winning schemes set the standard for great architecture all across the country. RIBA awards are for buildings in the UK by RIBA Chartered Architects and RIBA International Fellows. The Royal Institute of British Architects (RIBA) champions better buildings, communities and the environment through architecture and our members. www.architecture.com and @RIBA on Twitter. Posted on Thursday 14th April 2016 Source link
©Bloomberg Two Chinese state banks have agreed to lend more than $12bn to develop a liquefied natural gas plant in the Russian Arctic, in a boost for one of President Vladimir Putin’s flagship projects after US sanctions targeted its largest shareholder. A financing deal for Yamal LNG, one of the largest in Russian corporate history, had been expected to be signed more than a year ago. But negotiations were complicated by US sanctions against Novatek, its majority shareholder. Novatek is part-owned by Gennady Timchenko, who is also under US sanctions as a member of Mr Putin’s “inner circle”. More On this topic IN Oil & Gas On Friday, however, Export-Import Bank of China and China Development Bank signed two 15-year loans, for €9.34bn ($10.7bn) and Rmb9.76bn ($1.5bn) on Friday, according to regulatory statements from Yamal LNG. For the Kremlin, the $27bn Yamal LNG project has become symbolic of Russia’s ability to execute large deals in spite of western sanctions. With Friday’s Chinese loan, the project — which is due to start producing LNG next year — has now covered its entire expected financing needs. In addition, the deal represents a significant step in Mr Putin’s push to boost commercial ties with China since sanctions were imposed on Russia by the US and Europe over the annexation of Crimea. This “pivot to Asia” has so far disappointed Russian executives and politicians, as Chinese companies showed no rush to invest. “The project has progressed despite the imposition of sectoral sanctions on Novatek and a precipitous decline in prices,” said Mark Gyetvay, Novatek chief financial officer, in a conference call following the company’s quarterly earnings report on Thursday. He noted that the project is already more than 50 per cent completed. But a combination of US sanctions and tumbling oil and gas prices has caused negotiations over the financing package for Yamal LNG to drag on many months longer than expected. Sanctions made financing the project in US dollars impossible and led US banks and several European banks to pull out of the financing deal, according to people familiar with the situation. Even the Chinese banks changed the terms on which they were willing to lend to the project as energy prices fell, the people said. Falling energy prices have put LNG projects under pressure around the world, with Australia’s Woodside Petroleum last month shelving plans for the $40bn Browse project. Yamal LNG’s Chinese financing deal follows a €3.6bn loan from Russian state-controlled banks Sberbank and Gazprombank, and 150bn (€2bn) roubles in support from Russia’s National Welfare Fund, a sovereign fund designed to support the country’s public pension system. Shareholders in the project have also invested a total of $12.8bn to date, according to Novatek. Novatek earlier this year completed a deal to sell a 9.9 per cent stake in the project to China’s Silk Road Fund. Other shareholders in Yamal LNG are CNPC and Total, with 20 per cent each. Signing the Chinese loan deal is a big boost for Novatek, Russia’s largest independent gas producer, which successfully lobbied for an exemption to Gazprom’s gas export monopoly to build the Yamal LNG project. “Yamal LNG is a cornerstone of our ambitious plans to become a global player in the LNG markets,” Mr Gyetvay said. Delays in competing a financing deal have weighed on investor sentiment towards the company, whose largest shareholders include Mr Timchenko and fellow oligarch Leonid Mikhelson, as well as Total, which owns an 18.9 per cent stake. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
A poll of 100 members of the National Federation of Builders (NFB) revealed Brexit leanings. Asked if the UK would benefit from being in or out of the European Union, 43% said they would like to leave, 39 are in the Remain camp and 18 are still undecided. When asked about the implication of a UK withdrawal from the EU on their business, 47 said their business would benefit from leaving the EU, with 33 stating that staying in would be of greater benefit. The people of the UK vote on the future of the country’s membership of the European Union on 23rd June. This article was published on 27 May 2016 (last updated on 27 May 2016). Source link
Continuing recovery at Severfield, Britain’s biggest structural steelwork contractor, has seen it grow revenues and return to profit. Above: Severfield is Carillion’s steelwork contractor on the Anfield stadium redevelopment in Liverpool For the year to 31st March 2016 Severfield made a pre-tax profit of £9.64m on revenue up 19% to £239.4m (2015: £201.5m). The previous year it has lost £191,000 before tax, although that figure included a £6m provision for the cost of replacing faulty bolts in the Leadenhall Building (aka the Cheesegrater). Bolt replacement work has continued this year and is finally nearly complete. No further provision has been made in the 2016 accounts as the £6m taken last year should cover it. In fact, Severfield still hopes it might get some of this back. The lawyers of various parties continue to argue over where the liability for the total remedial works costs should rest. The underlying operating margin has increased from 4.5% to 5.7%, achieving the target set three years ago at the time of the rights issue, when Severfield had just announced a significant loss. The UK order book is now at its highest level for more than six years, currently standing at £270m, up from £185m seven months ago. Chief executive Ian Lawson said: “Severfield has had a strong year with excellent revenue and profit growth and a good cash performance. Our increased profitability is as a result of our focus on operational improvements and efficiencies over the last three years and with the strength of the platform from which the group now operates and the opportunity for further margin improvement, our target is now to double our underlying profit before tax over the next four years. “With the current UK order book at its highest level for over six years and a continued stable market environment, the group is well placed to continue delivering against its near-term financial targets whilst continuing to build for the longer term. Overall the outlook remains encouragingly positive.” He added: “Particularly pleasing are the inroads that we have made into the infrastructure market, with our enhanced bridge capability we have secured work with the infrastructure teams of Costain, Skanska, BAM and Hochtief, working on contracts for Network Rail and Highways England. These relationships will serve us well in the future as we expect to see growth in the infrastructure market over the coming years.” However, Severfield’s Indian joint venture continues to lose money. It is profitable at an operating level but cannot afford its debt burden. Severfield’s share of the loss was £300,000 for the past year. There was some disruption during the year when Tata closed its UK steel plate production facility in December 2015. Severfield managed to secure alternative sources of supply for all its plate requirements. Mr Lawson said: “While some of the issues around the UK steel industry have been highly publicised and a source of concern for many, it is important to recognise that only around 40% of steel used in UK construction is produced in the UK, the majority being imported. Nevertheless, I am pleased to report that we have managed the changes which affect us with no disruptive impact on the business.” Tata’s facility has since been bought by Greybull Capital, and re-named British Steel. This article was published on 15 Jun 2016 (last updated on 15 Jun 2016). Source link
Electricians in Reading, has been named Which? Trusted Trader of the Year 2016. Based in Berkshire, Electricians in Reading provides a range of services to commercial and domestic clients. The firm, which was founded in 2012, is both an Electrical Contractors’ Association (ECA) member, and an Elecsa registrant. On hearing his company had won the award, managing director Chris Gordon commented: “This is fantastic news. Electricians in Reading worked very hard to get to the Which? Awards and are we are delighted to have won this prestigious industry accolade.” South Central deputy regional manager Phip Woodhatch of the ECA added: “We are delighted that ECA member-firm ‘Electricians in Reading’ have been recognised by Which? for their high quality work and service. “The success of Electricians in Reading is a testament to the levels of technical capability, professionalism and expertise offered by ECA members to their clients.” Emma Clancy, CEO of Certsure, which operates the Elecsa and NICEIC brands, commented: “The Elecsa and Which? Trusted Trader logos provide consumers with the added peace of mind that they are hiring a qualified professional they can trust. Choosing a registered electrical contractor is always a householder’s best option and we are pleased to see Electricians in Reading pick up this prestigious award.” Paul Smith, managing director for Which? Trusted Traders, said: “It’s great to see a Which? Trusted Trader like Electricians in Reading recognised for the importance they place on putting customers at the heart of their business.” Last year Electricians in Reading was shortlisted for the Which? Trusted Trader award, and the firm has also been named Which? Trusted Trader of the Month twice. Source link
©Getty Gas prices touched nearly $3 per thousand cubic feet Thursday, the highest in a year Southwestern Energy, a big US natural gas driller, has nice timing. Good thing; companies wrestling with big debt need it. It rebuilt its debt and equity structure in the past few days, a very good moment to do so. Its shares have rallied deliriously this year as the natural gas price has spiked — by 30 per cent this month alone. Money is again available to the sector, as long as the cash goes to fixing the balance sheet rather than digging and drilling. Southwestern’s latest balance sheet features $4.8bn in net debt, including bonds and bank debt that come due in 2018. Despite this year’s share rally, its market cap of $4.9bn is still a third lower than it was two years ago. Its first action this week was to refinance and push out both a credit facility and a bank loan due in two years to 2020, in exchange for somewhat higher interest payments and tighter terms. Then, on Wednesday, the master stroke: Southwestern sold $1.1bn worth of stock, growing its share count by a fifth, to fund $750m worth of bond buybacks and a bank loan repayment. Its stock price fell about a tenth in response to the dilution. This was a very mild response, given the immense size of the offering and the rally in the company’s shares in recent months. This may reflect renewed optimism for gas producers whose fortunes were brutalised by an oversupply problem even more acute than the one that has plagued the oil market. Gas prices touched nearly $3 per thousand cubic feet on Thursday, the highest in a year. A hotter summer has slowed the swelling of inventories. Production growth has also flattened, with the Department of Energy forecasting only a 1 per cent rise in output this year. Nearly two years ago, famed shale gas pioneer Chesapeake Energy tried to clean up its own capital structure by selling $4bn of assets to Southwestern, which was then chasing growth. Time teaches hard lessons, but Southwestern has learnt them. Email the Lex team at lex@ft.com Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
19 September 2016 | Jamie Harris Servest has won a five-year contract with Imperial War Museums (IWM). The contract, which begins in November, sees Servest responsible for soft services, including cleaning, front-of-house services, waste management and pest control at the Imperial War Museum London, the Churchill War Rooms, HMS Belfast, Duxford, and the Libeskind building in Manchester. Servest is also set to deliver event support at the sites, which include three annual two-day air shows at Duxford in Cambridgeshire. Rob Legge, Servest Group CEO UK and Europe, said: “The organisation’s five sites, including both World War I and II buildings, bring with them a specific set of challenges that Servest has experience managing. We are all very excited to be working with such a prolific arts and culture organisation.” IWM handed the security services contract to the Shield Group in April 2014, while Levy Restaurants, part of Compass Group, secured a £36 million, five-year catering contract with the museum group 12 months ago. Source link