The financial grief inflicted by plunging oil prices has been laid bare by new research showing a sharp jump in the number of UK oil and gas service companies going insolvent.
At least 28 companies declared insolvency in 2015, up from 18 the previous year and just six in 2013, according to Moore Stephens, the accountancy group.
The pain caused by the oil price fall has translated into a rising tide of financial distress across the sector, said Jeremy Willmont, head of restructuring and insolvency at the group.
Crude prices have fallen as much as 75 per cent from a summer 2014 peak of $115 a barrel thanks to weaker Chinese demand, strong US production and the decision of Opec, the oil producers cartel, not …
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