Oil companies withdraw from the North Sea

An oil price of around USD 70 makes it too expensive for oil service companies to invest in the North Sea, and numerous companies are therefore looking to regions such as the Middle East instead, according to Danish newspaper Børsen.

An undergrowth of Danish subcontractors servicing the oil and gas industry do not believe that the low oil price can support investments in the North Sea any time soon, and the companies are therefore looking to the Middle East in search of growth, reports Danish newspaper Børsen on Thursday.

The newspaper has spoken to subcontractors such as Semco Maritime, which plans to secure a foothold in cheaper and less investment heavy markets in the Middle East and Asia. Last week the newspaper reported that Danish supplier Welltec was having similar thoughts.

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