North Sea oil companies are poised to make even deeper cuts to the embattled workforce this year as almost half say that costs need to fall further to manage the aftermath of the oil market crash. The Bank of Scotland has warned that nearly a third of companies are planning further job cuts to survive the slow recovery from sub-$30 a barrel oil prices seen earlier this year. The bank’s annual oil sector survey shows that 43pc of companies are planning cost cutting even after sweeping job losses and a dramatic pullback in investment last year. The Bank of Scotland’s Stuart White said “there are still choppy water to navigate”. “With oil prices currently hovering around the $50 mark there is hope that prices have bottomed out and have begun to slowly and modestly recover. Many businesses however, undoubtedly face more difficult decisions on cost savings, jobs and investment,” […]