G R Direct - Free Dishwasher OfferG R Direct - Free Dishwasher OfferG R Direct - Free Dishwasher OfferG R Direct - Free Dishwasher OfferG R Direct - Free Dishwasher Offer
Tuesday 23 July 2024
 10.9°C   NW Light Air
Ocean Kinetics - The Engineering Experts

Business / Airline suffers £5.2m loss as oil and gas passenger numbers fall

Eastern Airways serves the oil and gas industry in the isles.

THE AIRLINE which provides flights for the oil and gas industry at Scatsta and Sumburgh made a loss of nearly £5.2 million in the last financial year.

Eastern Airways (UK) Limited said in its latest accounts that it has suffered in recent years from reduced passenger numbers in the oil and gas sector.

This was from the industry scaling back as a result of the fall in the price of oil.

“We are expecting to see some improvements in passenger volumes in 2020 as the oil price continues to recover,” the airline said in its accounts.

Eastern also said that “significant fluctuations” in the value of the pound against the dollar and Euro resulting from Brexit has had an impact as a large proportion of parts and fuel are priced in US dollars.

The loss, however, was an improvement on 2017/18’s figure of £6.7 million.

Following the end of the financial year the company was sold by parent company Bristow to Orient Industrial Holdings, which is run by Eastern Airways founder Richard Lake.

Become a supporter of Shetland News

Shetland News is asking its many readers to consider start paying for their dose of the latest local news delivered straight to their PC, tablet or mobile phone.

Journalism comes at a price and because that price is not being paid in today’s rapidly changing media world, most publishers - national and local - struggle financially despite very healthy audience figures.

Most online publishers have started charging for access to their websites, others have chosen a different route. Shetland News currently has  over 600 supporters  who are all making small voluntary financial contributions. All funds go towards covering our cost and improving the service further.

Your contribution will ensure Shetland News can: -

  • Bring you the headlines as they happen;
  • Stay editorially independent;
  • Give a voice to the community;
  • Grow site traffic further;
  • Research and publish more in-depth news, including more Shetland Lives features.

If you appreciate what we do and feel strongly about impartial local journalism, then please become a supporter of Shetland News by either making a single payment or monthly subscription.

Support us from as little as £3 per month – it only takes a minute to sign up. Thank you.

 

Newsletters

Subscribe to a selection of different newsletters from Shetland News, varying from breaking news delivered on the minute, to a weekly round-up of the opinion posts. All delivered straight to your inbox.

Daily Briefing Newsletter Weekly Highlights Newsletter Opinion Newsletter Life in Shetland Newsletter

JavaScript Required

We're sorry, but Shetland News isn't fully functional without JavaScript enabled.
Head over to the help page for instructions on how to enable JavaScript on your browser.

Your Privacy

We use cookies on our site to improve your experience.
By using our service, you agree to our Privacy Policy and Cookie Policy.

Browser is out-of-date

Shetland News isn't fully functional with this version of .
Head over to the help page for instructions on updating your browser for more security, improved speed and the best overall experience on this site.

Interested in Notifications?

Get notifications from Shetland News for important and breaking news.
You can unsubscribe at any time.

Become a supporter of Shetland News

We're committed to ensuring everyone has equitable access to impartial, open and quality local journalism that benefits all residents.

By supporting Shetland News, you play a vital role in ensuring we remain a pivotal resource in supporting the community.

Support us from as little as £3 per month – it only takes a minute to sign up. Thank you.