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Cairn Energy in Shetland deal as Ian Suttie puts First Oil Expro into administration

2016-02-23 16:52:40| Oil & Gas - Topix.net

CAIRN Energy has said it expects to make plenty of money East of Shetland after acquiring an additional interest in the giant Kraken field for a nominal cash payment from First Oil Expro, which has gone into administration. Tycoon Ian Suttie placed Aberdeen-based First Oil Expro into administration on Friday after failing to find a buyer for the firm, which faced big challenges amid the crude price slump.

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