UK-listed oilfield services group Petrofac filed for administration after losing its biggest contract. Administrators will work to preserve value and operations. The collapse was triggered by Dutch electricity grid operator TenneT terminating a major contract. More than 2,000 jobs are at risk in Scotland due to Petrofac’s collapse, with hopes of finding a buyer for North Sea operations. The UK government is urged to avoid policies that accelerate the decline of North Sea oil and gas production.

Read more at Yahoo Finance: Oilfield Services Firm Petrofac Collapses