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Hot 100 2012 – 54: First Oil

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The basics

Company name: First Oil
What they do: Oil exploration and production
Headquarters: Aberdeen
The boss: Ian Suttie

The financials

Latest turnover (£,000): 71,190
Four-year compound sales growth (%): 38
Latest Ebitda (£,000): 31,680

The details

Aberdeen-based First Oil cruised into the Hot 100 even before accounting for a discovery that could have it heading for the number one slot in coming years. The exploration and production company has a turnover topping £71m, up from £27m four years ago, but even these figures look paltry compared with the multi-billion pound windfall that’s reportedly just around the corner.

First Oil, which is already the largest privately-owned E&P business in the UK and produces 6,000 gallons of oil every day, is a 30 per cent shareholder in an oil find in the North Sea’s Kraken field 90 miles east of Shetland. Analysts say the discovery could be worth more than £1bn to the business after operating costs.

“The reservoir has exceeded our expectations and has established a commercial flow rate which will allow the operator to move forward with a full development,” said founder Ian Suttie, who could soon become Scotland’s richest man, after the September find. 

The Hot 100 2012 is brought to you by Investec, Jordans, Cass Business School and Your Business Your Future.

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