Prospectiuni, the Romanian firm providing exploration services for the oil and gas sector, has filed for insolvency.
The company has been struggling with falling oil prices, posting losses in the past two years. Euro Insol was named judicial administrator of Prospectiuni.
Remus Borza, the representative of Euro Insol, said that the company is dealing with a liquidity issue at this moment but that it is looking for new business in oil rich nations.
The opening of the insolvency procedure serves as a breath of fresh air for getting over the current temporary financial difficulties, due to the reduction of oil and gas exploration activities on the back of the falling oil price, said Borza in a statement.
Prospectiunis debts amounted…
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