| Administrative History | Set up by the Government in 1976, British National Oil Corporation (BNOC) was as a state-owned trading, exploration and development company for the oil and gas industry. The company had a number of offices, in Glasgow, Aberdeen and London. It was intended to secure more control and greater profits for the United Kingdom from the exploration of North Sea fuel reserves. To this end, much to the consternation of other oil companies, BNOC was entitled by Act of Parliament to a 51 per cent participation in any British sector oil and gas development in the North Sea. It was privatised in 1982 and re-named Britoil plc, although the government retained a 'Golden Share'. This government chose not to exercise the right to veto BP's 1987/8 takeover bid.
The 11,000 tonnes (gross register tonnage) Emergency Support Vessel Iolair was constructed by Scott Lithgow shipbuilders for BP. A quarter of the construction costs were contributed by BNOC. Her port of registration was Dundee. |
| Custodial History | Flag received by depositor for the occasion of Iolair's naming ceremony. |
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