Assets of North Sea’s largest privately owned oil explorer are being sold off after being hit by high costs and low oil prices
First Oil Expro, the North Sea’s largest privately owned oil explorer, has gone into administration amid persistently low oil prices.
The business, whose parent company is Aberdeen-based First Oil, is being broken up, with administrators from KPMG tasked with finding buyers for its assets.
Related: A quarter of North Sea oil platforms ‘could be scrapped in 10 years’