A North Sea oil firm is at risk of collapse.

Petroface, a North Sea oil and energy services group, could file for insolvency as early as Monday morning before markets open, it has been reported.

The company’s board is reportedly holding emergency meetings over the weekend to discuss the possible collapse of the firm, putting around 2,000 jobs in Scotland under risk.

It has also approached insolvency consultants at Teneo to handle its administration while the Department for Energy Security and Net Zero has approached advisers at Kroll to deal with the crisis, according to Sky News .

An industry official told the broadcaster that a decision to file for administration could be made on Monday morning.

The Telegraph has reported that Ed Miliband had put officials on high alert for th

See Full Page