Rising oil prices have helped oil firms such as Exxon Mobil, BP and Saudi Aramco fund increased development of new oil finds which translates into higher revenues for upstream services firms such as Baker Hughes.

FORBES: Baker Hughes Stock Looking At Gusher Up To $89

The administrator, Baker Tilly Restructuring and Recovery LLP, has said it will assist staff "to make claims against the government redundancy fund".

BBC: Sealine workers 'could get compensation' says union