Mubasher: At least UK oil and gas service companies declared insolvency in 2015, up 55.5% from 18 in 2015, according to a recent study released by Moore Stephens, the accountancy group.
The increasing insolvencies are mainly caused by the oil price drop and cancellation of projects valued at $200 billion last year in UK, said the study.
Oil prices dropped from $115 in mid-2014 to reach $32 up to date due to oversupply and expected weaker demand on crude oil.
Oil company insolvencies jump 55% in UK
Mubasher Contribution Time: 25-Jan-2016 08:23
(GMT)
