End of line for Norwegian firm, Oiltools

Norway-flag09 April 2014, News Wires – Norwegian drilling waste management specialist Oiltools has reportedly filed for bankruptcy in a Stavanger court.

The company, founded in 2000 and with 60 employees, has racked up debts totalling Nkr25 million ($4.2 million) but has only Nkr6 million in ongoing work, according to the filing cited by local publication Rogalands Avis.

“The company is assessed to be unable to meet its obligations as they become due. Payment difficulties are not of a temporary nature,” it stated.

The Sola-based contractor earned revenue of Nkr118 million last year.



– Upstream

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