The slump in oil prices claimed a victim in the North Sea as closely held First Oil Expro Ltd. went into administration. KPMG LLP was appointed administrator of First Oil Expro by the producer’s Aberdeen, Scotland-based parent company First Oil Group Plc after a “strategic review of its operations following the sharp falls in the oil price,” the auditor said in a statement Monday. Oil producers around the world are struggling to adapt to a 70 percent slump in prices since June 2014. North Sea explorers have to contend with some of the highest operating costs in the world and the pace of drilling in the region has sunk to a record low as companies abandon costly projects. The industry is adjusting, with services company John Wood Group Plc cutting rates last weekfor U.K. contractors of one of its subsidiaries by an average of 9 percent. The Expro “administration […]