Spin offs

Oil extraction in the North Sea led to the growth and development of what was to become a new and vital industry. New jobs were created in oil related supply and service industries. Foreign companies opened up branches in north east Scotland, new companies were set up, and some local businesses took advantage of the oil boom by providing services for the oil companies. These adverts are a useful source of information about the various oil related businesses which operated in north east Scotland. The quote from Hugh Duncan of the Wood Group of companies is a valuable source of information about how a local company moved out of the fishing industry into supplying and maintaining oil and gas installations in the North Sea during the 1970s and, since then, in other oil fields throughout the world.

Hugh Duncan – Director of the Wood Group of companies. He was interviewed for BBC Radio 'Aberdeen Boom City' broadcast in 1981.

"Prior to 1970 we were a parochial outpost, the centre of local farming and fishing interests. And when oil arrived, for a period of about 4-5 years, there was a dramatic increase in the rate of inflow of businessmen from all parts of the world, particularly from America and from London, seeking to establish their business activities in this area…

Within our group we have seen a dramatic change in the balance from about 5% of our activities being non fishing industry orientated about 10 years ago to the point today when 95% of our activities are oil related other than fishing related. And our problem has been endeavouring to select correctly the business ventures which will turn out to be most profitable to us in the long run."