Port of Aberdeen Reports Revenue Drop Due to Oil and Gas Contraction

The Port of Aberdeen published its 2025 financial results and Annual Report amidst an accelerated decline in North Sea oil and gas activity and a renewed focus on diversification into new sectors.

Turnover was USD 66.3 million, below the all-time high of USD 68.3 million achieved in 2024. Cargo and vessel tonnage decreased by 7.6% to 28,450,288 tonnes, with nearly 1,000 fewer vessel calls during the year. Operating profit was USD 25.3 million, reflecting reduced operating and exceptional costs.

Activity in the oil and gas sector decreased by 16% year-on-year. The prolonged decline in activity and revenue from this key sector led to a cost reduction and restructuring process, resulting in 17 redundancies, equivalent to 15% of the workforce.

Activity at South Harbour continued to consolidate, increasing by 13.4% compared to 2024, as the port secured an increasing number of larger vessels and projects in the energy, cruise, and cargo sectors.

Bob Sanguinetti DL, Chief Executive of the Port of Aberdeen, stated that "2025 was a year of marked contrasts. The successful hosting of the Tall Ships Races, one of Scotland's largest tourism events, contrasted with the sharp decline in oil and gas activity. I want to acknowledge the work of our valued colleagues who left during the organizational restructuring and wish them all the best for the future".

"We started the year with a renewed focus on diversification and strengthening our purpose: to create prosperity for future generations. That has not changed, nor has our commitment to the customers, communities, and partners who rely on this port," added Sanguinetti.

During 2025, the Port of Aberdeen reported significant achievements and milestones, including excellent safety performance, with zero lost-time incidents and zero recordable incidents; it hosted the Tall Ships Races, which generated over USD 43 million for the regional economy and created life-changing opportunities for over 240 local young people; progress towards the net-zero emissions target by 2040 with a 3.5% reduction in the port's carbon footprint; the UK's largest shore power system was launched, and it won the "Sustainable Supplier of the Year" award at the Scottish Green Energy Supply Chain Awards.

Furthermore, the Port of Aberdeen boosted regional tourism growth with 65 cruise calls (+33%) and 42,922 passengers (+96%); welcomed 224,263 ferry guests (+8.1%); supported those in need with USD 159,000 in charitable donations, including five multi-year strategic partnerships.

Sanguinetti added that "oil and gas remain our most important sector, and the reduction in activity last year was primarily due to government policies, not geology. We are fully focused on supporting our customers, consolidating our position, and building on our good progress in attracting jack-up rigs and other associated vessels".

Roy Buchan, Chairman of the Port of Aberdeen, stated that "like many organizations in northeast Scotland, the Port of Aberdeen suffered the consequences of a significant reduction in oil and gas activity during 2025. While challenges persist into 2026, I am confident that we will continue to demonstrate the resilience and adaptability that have characterized the port for almost 900 years".

Offshore wind energy represents a generational opportunity, but large-scale port activity remains out of reach. The port handled around 600 offshore wind vessels annually, but this sector only accounts for 1% of its revenue.

"While we are advancing our plans to be fully prepared for floating offshore wind projects, more projects in Scotland need to progress quickly. Urgent measures are required to accelerate planning, permitting, and grid connections, as well as to reduce transmission costs. There is a real risk that projects will be stalled and that the benefits for the supply chain will not materialize," explained Sanguinetti.