UK Risks Exodus of North Sea Oil and Gas Contractors, Lobby Says

UK oil and gas producers — already suffering from high taxes and waning output — now also face the imminent risk of being hit by a pullback in operations by equipment and services suppliers, a lobby group warned.

Offshore Energies UK has previously said that the lack of new developments and uncertainty over projects mean firms in the supply chain — from engineers to specialist manufacturers to technology providers — could choose to instead invest overseas. On Wednesday it emphasized the urgency to address the risk, which could pose another headache for the government ahead of the autumn budget.

The ...