The Courier & Advertiser (Perth and Perthshire Edition)

Fall in price of oil claims another Aberdeen firm

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Aberdeen-based subsea and surface engineers CIE Well Control has gone into administra­tion with the loss of 21 jobs.

Blair Nimmo and Geoff Jacobs of KPMG said orders began to fall last year as oil and gas operators cut costs and expenditur­e.

Margins were squeezed as competitor­s forced pricing downwards, resulting in cash resources being depleted.

Two employees have been retained to market the business and assets for sale.

Mr Nimmo said: “Our appointmen­t today is another example of a business which has been negatively impacted by the low oil price.”

 ??  ?? Further evidence of a stagnant industry.
Further evidence of a stagnant industry.

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