Oil firm goes into administration

The administration news from Oilexco had been expected

An Aberdeen-based oil exploration company has gone into administration, it has been announced, putting dozens of jobs at risk.

Oilexco North Sea Ltd employs about 50 people.

An Oilexco statement said Oilexco North Sea Ltd's operations would continue to be conducted in a safe and orderly manner while a buyer was sought.

Canadian-owned Oilexco's announcement about its Aberdeen subsidiary had been expected.

Tumbling share values and oil prices coupled with the difficulty securing credit had left the company struggling to secure the loans it needed to keep drilling.