Begbies Traynor's Aberdeen office is currently fielding calls and helping numerous individuals affected by the falling price of Brent crude oil which has led to widespread financial problems across the region.
Contractors - of which a significant number are one-man limited companies - are currently finding it hard to secure work during a period where over 65,000 redundancies have been made as the major oil and gas firms look to cut costs. Our question to you: Do you know where your work pipeline is?
At present, the cost per barrel of Brent crude oil has halved in just 12 months leading to a published report from Oil and Gas UK highlighting the extent of the challenges being faced by British energy companies and warning of the potential for the industry’s fortunes to deteriorate further in months to come.
Begbies Traynor is currently advising a number of contractors who have lost their income and are facing uncertain futures in the industry. Aberdeen is currently the epicentre of this cost-cutting exercise by major firms such as BP, Petrofac and Royal Dutch Shell with the ripple effect spreading far and wide.
With the future of the oil price very uncertain, contracts coming up for their renewal and oil firms pushing their contractors for big discounts, the consequences will unfortunately have a huge impact on the contractors themselves. Begbies Traynor can offer expert advice if you are in a situation where your finances have been hit due to the shaky oil and gas industry, specifically in the area of overdrawn directors' loans or concerns about meeting tax liabilities.
Contact our Aberdeen office today for a free consultation.