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Low oil price will trigger North Sea decommissioning boom

Oil companies in Great Britain and Norway in particular will likely ramp up their decommissioning of North Sea oil fields due to the oil price drop. This could send a wave of orders to Danish offshore companies while they wait for the Danish shelf to be cleaned up.

Photo: Maersk Drilling

After decades of oil ventures in the North Sea, the industry is now also facing a massive cleanup process. Although there are still investments made in new oil discoveries and setting up new rigs, most companies are preparing to tear down old platforms and shut down oil wells in a process the industry refers to as decommissioning.

While companies have known this for years, as many rigs date back to the 1970s, there have at this point not been many clean up projects. Instead, oil companies have sought to increase the efficiency and prolong the lifetime of rigs.

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