Shell and Equinor have announced that Aberdeen’s Silver Fin building will serve as the headquarters for their new UK North Sea joint venture, marking a significant milestone for the region’s energy sector. The venture, first unveiled in December 2024, will combine the UK North Sea oil and gas assets of both companies, creating the country’s largest independent producer and aiming to sustain domestic energy production as the basin matures.
The joint venture, owned equally by Shell and Equinor, is expected to produce more than 140,000 barrels of oil equivalent per day. It will unite Equinor’s interests in the Mariner, Rosebank, and Buzzard fields with Shell’s stakes in assets including Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair, and Schiehallion. The new company is designed to be more agile and cost-competitive, with a focus on maximising the value of its combined portfolio and extending the life of the UK’s vital oil and gas sector.
Announcing the news on LinkedIn, Simon Roddy, Shell UK’s senior vice president upstream, said: “In December we announced our plans to create a new incorporated joint venture with Equinor. Since then I’m often asked – how are things going on the new IJV?
“So, it’s with great pleasure to share that, subject to deal completion, we have selected the Silver Fin building in Aberdeen city centre as the future headquarters for the IJV.
“This is our first visible milestone and it’s exciting to see the details start to come to life.
“From experience, I can say that Silver Fin is an excellent location offering many positives for the future company.
“And we know that bringing the future organisation together in one location will be vital to enabling collaboration, connection and flexibility as the foundations of a shared culture and way of working.
“Many of the staff who will be part of the new company are based already in Silver Fin. Others will transition to the building in line with completion of the deal (anticipated by end 2025) and operational needs.
“We look forward to sharing more updates as we continue our progress.”
Previously the site of the Bell’s Lounge pub, the Silver Fin building, located on Union Street in Aberdeen’s city centre, was completed in 2017 as a £65 million development by Titan Investors. The 13-storey, 132,000 square foot office block features a striking Scottish granite façade and is recognised for its modern, sustainable design, winning the 2018 BCO Regional Award for Commercial Workplace. The building’s name comes from its vertical aluminium fins, designed to catch the light and give the structure its distinctive look.
Shell moved its North Sea headquarters to Silver Fin from its long-standing Tullos base in 2022, a move that was welcomed locally as a boost to city centre business following the Covid-19 pandemic. The building also houses other major North Sea operators, including Harbour Energy, CNR International, and EnQuest.
Camilla Salthe, Equinor’s Senior Vice President for UK and Ireland, called the move a “significant milestone” and emphasised the importance of the modern, central environment that Silver Fin offers: “This is an important step in creating the foundations of a shared culture and way of working. Silver Fin offers a modern, central and accessible environment — one that supports collaboration, connection and flexibility as we begin this next chapter together.”
Equinor staff will begin transitioning from their current Kingswells base to Silver Fin after the expected completion of the merger by the end of 2025, with around half of Equinor’s Aberdeen employees moving in the second half of 2026. The headquarters decision is seen as a commitment to both the city and the future of the UK’s energy industry.
