Parkmead has blamed rising costs, skills shortages and ageing infrastructure for its decision to abandon the proposed Perth oilfield development in the North Sea.
In a stock exchange update, the Aberdeen-headquartered group said that another major strategy consideration has been the significant increase in the cost of capital, "made more difficult by a lack of appetite from traditional funding sources to support oil and gas projects".
The board said the company is committed to its home region, but "must now necessarily be very careful and selective" in its forward UK investment strategy
