Europe

Oil giant BP is to redevelop two oil fields to the west of the Shetland Islands, it has been announced.

The Schiehallion and Loyal oil fields have produced nearly 400 million barrels of oil since production started in 1998; and an estimated 450 million barrels of resource is still available. BP is planning to invest around £3 billion in redeveloping the two fields, with production scheduled to last until at least 2035.

The company said it would employ the latest technology to maximise recovery from the two fields.

Greencore, the UK’s largest maker of sandwiches, has agreed a deal to acquire its industry rival Uniq in a deal worth £113 million.

Greencore said that Uniq represents an excellent fit to its UK strategy, which will help the combined group achieve greater scale in the food-to-go and chilled desserts markets, as well as adding add new and complementary customer relationships, in particular with the food retailer Marks & Spencer.

Uniq was put up for sale by its pension fund earlier this year after struggling to manage its pension deficit.

Food giant Nestlé has entered into a partnership agreement with Hsu Fu Chi, a leading manufacturer and distributor of confectionery products in China, it has been announced.

Under the terms of the proposed agreement, Vevey, Switzerland-based Nestlé will acquire 60 per cent of Hsu Fu Chi, while the Hsu family will own the remaining 40 per cent.

The total value of the transaction is approximately CHF 1.4 billion (approx. €1.2 billion).

Subsea construction and engineering company Technip Norway provides essential infrastructure services to customers working in some of the world’s most challenging environments.

A world leader in engineering, procurement and construction for onshore pipeline systems with an emphasis on safety, innovative technology and getting the job done on time.

Jeff Daniels looks at what could possibly be Europe’s largest construction project gearing up at the moment beneath the streets of London.

Draw a horizontal line smack through the centre of London from Heathrow Airport in the west to the financial district of Canary Wharf in the east, and you have a rough idea of where Britain’s biggest civil construction project is to be found.

Dutch construction company Ballast Nedam has signed an agreement to design and construct the Carolina Bridge across the Suriname River in South America.

The agreement was made with the Ministry of Public Works of Suriname.

The existing bridge, which crosses the river 50 kilometres south of the country’s capital Paramaribo, is currently unusable due to its state of disrepair.

The Suriname River is 480 kilometres long.

Pittsburgh-based TMS International Corp, through its subsidiary Tube City IMS Corporation, has won its first contract in the Middle East and has also announced a further expansion in France.

A leading provider of outsourced industrial services to steel mills around the world, Tube City IMS has secured new contracts worth over $84 million in revenue over the life of the contracts at expected production levels.

The long-term contracts are for a variety of outsourced services at steel mills in Dunkerque, France, and Abu Dhabi, United Arab Emirates.

TRW Automotive has announced plans to expand its electrically powered steering systems facilities in Poland, in support of growing demand from a range of vehicle manufacturers.  

Approximately 9,000 square meters of additional manufacturing space will be established in Bielsko Biala close to the existing site in Czechowice-Dziedzice. Production will start in the first quarter of 2012. Initially, 250 new jobs will be created.

The news that Bombardier is to shed 1,400 jobs from its Derby train factory has unleashed a storm of protest in the UK.

After the UK government awarded a £1.4 billion contract for 1,200 carriages for the Thameslink project to German rival Siemens, Bombardier said it does not have sufficient orders to keep the plant running at its present level.

By the end of September Bombardier will have finished work on two existing contracts, and have only one remaining.