Scottish oil strikes high on 2013 rich list
Tuesday, Apr 23, 2013
13 Scottish companies are listed in the Sunday Times 25th Annual rich list of which Sir Ian Wood may be the only offshore industries billionaire in the list of the top 1000.
4 others Scottish companies have increased their positions in the top 100 in Scotland.
Sir Ian Wood has moved UP from 4 to 3 and Tommy Dreelan has moved 22 places up to 24. Steven Ferguson has move from 58 to 50 and Michael Loggie has moved up 8 places to 72.
9 others hold their positions in the top 100 Scottish companies, Ian Suttie 12, James and Fitriani Hay 17, Tom Cross 30, Alasdair Locke 39, Michael Freeman 46, John Ray 46 , Larry Kinch 59, Robert Adair 69 and Bob Kidd 72.
Evidence the offshore industry knowledge and experience is contributing to Scottish and UK Economy.
Sir Ian Wood and Family - Oil services and fishing
Sir Ian Wood retired from the Wood group position in Aberdeen. He ran the family owned fishing business since 1964 and it is now a 3 billion pound oil service giant which the wood family has a £201 million stake. More than £70 million has gone into the philanthropic trust which is spending £7.5m, helping tea farmers in Rwanda.
Ian Suttie – Oil
Ian Suttie has worked in the Aberdeen oil industry for over 30 years. His company was taken over in a $250m deal which Suttie had a 72.5% stake. Ian Suttie spent part of this buying First Oil which has 30% of the Kraken field east of the Shetlands. Suttie’s Nautronix company was sold for £42m. Today First Oil is worth more than £400m, Suttie also has property and technology investments.
James Hay - Oil and horseracing
Hay, aged 62 runs and owns the Dubai based JMH group. In 2002 the Glaswegian left BP and bought a subsidiary. He has extensive racing interests.
Tommy Dreelan and family - Oil services
Tommy Dreelan, 56, went into the oil industry with his three brothers. They sold their PSL company for £45.5m and then developed Qserv which they later sold for £156m. They now own Dreelan Services – Dreelan also runs motor racing team Celtic Speed.
Tom Cross - Oil and property
Tom Cross sold Dana Petroleum for $3bn to the Korea National Oil Corporation, Making himself £57m. He also has a 40m stake in oil and gas investor Parkmead Group. Tom Cross also has large land and property assets.
Alasdair Locke - Oil Services
Alasdair Locke, 59, sold Aberdeen based oil services operation Abbot for £140m in 2007. He was awarded Scotland’s Overall and Master Entrepreneur Of The Year in 1999.
Michael Freeman - Oil services
Michael Freeman, the owner of Can Holdings which is worth £62m. The Lancashire based company supplies inspection and maintenance services.
John Ray - Offshore services
John Ray aged 64, owned half of RBG. The company which was taken over in 2011 by a Dutch firm in a £250m deal is Aberdeen based. Ray now runs his £16m farm operation.
Steven Ferguson - Oil services and gas services
Steven Ferguson, the owner of Aberdeenshire based Ferguson group services the oil and gas industry. Ferguson also runs and owns its £90m parent, Arden Holdings, which made a £15.7m profit on £52m sales.
Larry Kinch - Oil services
Aberdonian Kinch, 59, made £25m in 2000 from the sale of Petroleum Engineering Services. Venture Production, set up by Kinch in 1997 and was taken over in 2009 – netting him £92m.
Robert Adair - Oil, gas and property
Adair’s Melrose Resources merged with Petroceltic in October. Aged 56, he has a £77m stake in the enlarged oil group.
Bob Kidd - Oil services
Bob Kidd set up Aberdeen based Tool Rental Inspection to service the oil industry which later became international Tubular services. Profits in 2011 hit £26.6m and Kidd sold 33% of the company for £34.5m.
Michael Loggie - Oil services
Michael Loggie’s Aberdeen based, 65 million pound company Saltire Energy supplies drilling equipment to the oil industry. He has a range of business interests, including hotels.