North Sea Confidence "At All Time Low"

Contractors' confidence in the North Sea oil and gas industry is at a "record low", according to a new survey published today.

The figures, from the 22nd Oil and Gas Survey by Aberdeen and Grampian Chamber of Commerce, also reveals that half of operators have been forced to reduce staff training and cancel projects for the same reason.

Contractors confidence in the UK Continental Shelf (UKCS) is at its lowest point since the survey began in 2004.

Exploration has taken a big hit too, with 70% of all firms having seen the value of it fall in the past 12 months, with just 8% of firms thinking it will improve in the next year.

It's all due to the dramatic fall in the price of oil since last summer.