Indicative Of State Of The North Sea? Aker and Bilfingers staff reductions reflect the investment challenges that are currently confronting companies operating in the North Sea. Over the past three years, North Sea production has fallen 35%, with only 15 exploration wells drilled last year. Currently, the UK especially (and Norway to a lesser extent- due mainly to a friendlier tax regime) is seeking alternative O&G sources. Offshore contractors and other oilfield support industries working in the North Sea find themselves in a challenging predicament. Aker and Bilfingers moves are representative, it seems, of a broader, industry-wide angst with regard to the region. Concerns span both the Norwegian and UK sectors.
Posted on: Tue, 09 Sep 2014 20:15:42 +0000
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