KPMG has been appointed as administrators to First Oil Expro.
The Scottish business - part of oil tycoon Ian Suttie's First Oil Group - has been hit by the falling crude oil prices fuelled by the price war between Saudi producers and their US competitors.
Based in Aberdeen, First Oil Expro was put on the market for sale at the end of 2015 before KPMG's Blair Nimmo, Richard Beard and Jim Tucker were engaged as joint administrators.
On appointment, the Big Four firm's administrators agreed to sell a numbe rof key company assets - such as the First Oil & Gas and Antrim Resources subsidiaries, kept outside administration - to guildford-based Zennor Petroleum.
The move prepares the ground for the Zennor to take on First Oil's interests in a number of productive North Sea fields.
First Oil was founded in 2001 and grew to become the largest privately-owned British company producing oil and gas in the UK part of the North Sea. Suttie made his fortune when he sold oilfield services firm Orwell Group to American giant Weatherford International for £173m.
Since its creation in April 2001, First Oil has grown to become the largest private, UK-owned company producing oil and gas in the UK North Sea.
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