ShippingWatch

"Maersk, Dong and Hess are squeezing us intensely"

The extremely low oil prices have forced one of the large suppliers to the North Sea offshore industry to reach out to the oil companies for a common solution. So far, they've only gotten the cold shoulder, says the CEO to ShippingWatch.

Everyone is suffering in the oil industry and it's because the price for a ton of North Sea oil has halved from 2014 to 2015, says Wood Mackenzie, one of the world's leading oil analyst firms.

One tier particularly feeling the burn are the sub-suppliers, who for years have enjoyed favourable prices on contracts for the almost insatiable offshore division, a sector now cutting costs to make financial ends meet.

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