The Energy North industry trade association has gone bust after it and its 200 members got caught in an economic whirlwind ‘double-whammy’ of a slump in North Sea crude oil prices and the UK govt. decision to axe subsidies for new onshore wind turbine parcs.
Members included Amec Foster Wheeler, Chevron, Barclays, Subsea 7 and Highlands Council.
More than 200 members have been informed by letter from the Invergordon-based organisation that the Energy North board had taken steps to put the company into liquidation. Baker Tilly has been appointed to wind the company down.
Originally called the North of Scotland Industries Group, Energy North was set up to promote both Tier-1 and supply-chain companies in the dominant Gas, Oil and Renewables (GOR) markets in northern Scotland and the islands.
In their letter to members, the Board said: “We very much regret that it is no possible in the current climate for the organisation to continue its valuable work on behalf of our members across the energy sector.
“We remain confident that the energy sector in the North will recover strongly from the current challenges, as it has done in the past, by drawing on the outstanding people, facilities and resources that our region has to offer.
“We took the difficult decision to go into liquidation as a result of declining income, a fall in membership and significant uncertainties affecting the sector which are expected to impact further upon future sources of funding.
“This decision is no reflection on our team of dedicated staff, who have worked hard in recent months to secure Energy North’s survival.
“We would particularly like to acknowledge the efforts made by Stuart Deed since joining us as chief executive in June this year”.
Energy North covered Aberdeen, Aberdeenshire, Orkney, Shetland, Caithness, Sutherland, Skye, Lochalsh, Ross-shire, Lochaber, Inverness, Moray, Argyll, and the Outer Hebrides.