Thousands of North Sea jobs at risk as Petrofac files for administration
Operations will continue while application for holding company of former FTSE 100 group proceeds
Operations will continue while application for holding company of former FTSE 100 group proceeds

Offering seen as signal of whether large private equity groups can begin exiting largest deals

Prolonged downturn in dealmaking has meant fewer opportunities and squeeze on pay

Lay-offs mark ‘flashing red warning light’ for industry as executives brace for downturn that may last years

When the going gets tough, investors are struggling to find a place to hide

Job losses at US major are latest affecting the sector hit by mounting costs and Opec’s higher output

Report marks a shift from energy watchdog that had previously warned of a ‘staggering glut’ of crude