Shipyards are facing “brutal” $15.2billion (£11.6bn) losses over new-build offshore drilling rigs that no one wants, according to Bassoe Offshore.
KCA Deutag is working on a restructuring deal with creditors to wipe off more than £1billion of debt.
Perenco UK fell to losses of £113.2million for the period prior to the outbreak of the Covid-19 pandemic.
A UK boss of Petrofac has warned the North Sea supply chain “cannot afford for bad practices to creep in during this moment of crisis".
Occidental Petroleum Corp. reported a $6.6 billion writedown in the second quarter, equivalent to more than 40% of its market value, as the collapse in energy prices took its toll on the debt-laden U.S. shale oil producer.
Aberdeen-based offshore catering firm ESS Support Services Worldwide has announced plans to cut dozens of jobs due to a “dramatic decrease” in demand.
In the ’80s, well before my time in industry, there was allegedly a popular bumper sticker in oil towns.
It's not the strongest species that survive, nor the most intelligent, but the ones most responsive to change. Certainly, that’s what Darwin believed and who am I to question him?
New investment in the energy transition can be a “crucial pathway” out of the latest downturn for North Sea firms, according to the head of the Oil and Gas Authority (OGA).
A senior audit and assurance partner at Deloitte said the downturn could be a “catalyst” for change, but oil firms are first taking steps to survive the “uncharted waters”.
A national union group is calling for north-east workers to give their opinion on how the economy has affected them.
An oilfield equipment firm has invested more than £1 million in new machines at its base in Angus.
Offshore oil and gas bankers in Oslo are warning that the industry is far from out of the woods as a recovery is slow to take hold.
Efficiency gains made by the oil and gas industry since the start of the downturn show that “from adversity, good things can come”, an energy sector chief said.
North Sea newcomer Decipher Energy has delivered first oil from the Orlando field less than two years after taking over the 10 million barrel project from a victim of the downturn.
A multi-million pound fund created to get unemployed oil and gas workers back into the world of work by using the skills they developed in the industry has helped 4,000 people.
Oil prices settling in a sweet spot of $60-70 per barrel would give North Sea firms more confidence to kick on with investment plans, industry experts have said.
Scotland’s largest independent firm of chartered accountants has achieved a 4% growth in turnover after generating revenues of £45.5 million this year.
The tough economic conditions which have engulfed Aberdeen for the last four years may be coming to an end, according to new figures indicating tentative signs of a recovery in the local property market.
The Greater Houston Partnership has declared the end of the oil bust.
TV chef Nick Nairn has closed his Aberdeen pizza restaurant with immediate effect, insisting it was “simply not viable” after the slump in the oil and gas industry.
Scottish property prices are growing at their fastest rate in three years – but continue to fall in Aberdeen despite the improving local economy.
Scotland's economy has "lagged behind" that of other advanced small nations, according to a report which put the country bottom of the list for a key performance measure.
Celebrity chef Nick Nairn has announced the closure of his Aberdeen cookery school as the oil downturn continues to affect trade in the city.
North-east firms have lost their battle to get business rates cut after judges at the highest court in Scotland ruled the oil downturn had not affected the value of commercial properties.