THE North Sea is reeling as a result of seesawing oil prices, the credit crunch and the impacts of global recession. As capital spending collapses and operational expenditure comes under huge pressure, life is getting tougher for many in the UK’s offshore industry.
Telltale signs include offshore support vessels lying idle. Lately, as many as 20 or so such ships have been stacked up off Aberdeen awaiting orders.
Only last month, Oil & Gas UK warned, in its latest economic summary, of a tough 2009 for the North Sea industry and that the London Government had to do more than it has to stimulate meaningful win-win activity – win for the industry and win for the Treasury.
