”The operational activity of the company was effectively affected by the global economic climate in the oil and gas industry, the determining factor being the drastic decrease in crude oil prices. The effects of the oil price decline -the postponement of major projects for exploration and production of hydrocarbons, conventional or unconventional, reducing investment, the severely decreased demand for well services -were fully felt in the markets where the company is active. The collapse of the oil barrel price has generated domino effects, the main petroleum operators significantly reducing operational and investment budgets,” the company said in a statement.
At the end of September, the company had 186 employees, versus 279 in September 2015.