North Sea will be challenging until operators aim to boost reserves, says KCA Deutag

North Sea activity won’t pick up until operators start to look at replenishing their reserves, according to KCA Deutag’s chief executive.

The Aberdeen-headquartered contracting firm yesterday reported that it had narrowed its pre-tax losses by nearly £15million for the first half of 2018.

However, while tender activity remains high in the $70 oil price environment, converting it into contracts remains challenging in the current global oil price environment, according to Norrie McKay.

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