ShippingWatch

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.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Sea Cargo Charter hesitates to raise climate ambitions

The climate ambitions of the Sea Cargo Charter initiative have been criticized by several members, but it seems they still don’t stand to be raised, Chair Jan Dieleman tells ShippingWatch. For over a year, the initiative has considered raising the bar.

Further reading

Related articles

Latest news

See all jobs