US independent APA is the latest major player in the UK North Sea to withdraw investment from the sector due to the recent tax changes in the UK.

APA chief executive John Christmann Photo: APA

The company said in its latest quarterly financial results that it is releasing early the semi-submersible drilling rig the Ocean Patriot.

The semisub was contracted to APA until the fourth quarter of 2024, but the operator said it intends to hand it back in about mid-year.