Oil firm Petrofac enters administration, putting 2,000 jobs at risk

  Updated at 15:35

Energy services firm calls in administrators after losing major Dutch wind contract; Wall Street hits new highs on US-China trade deal hopes.

Closing summary: Wall Street hits new highs on US-China trade deal hopes

15:35

Time to wrap up.

Wall Street shares have scaled new all-time highs, as rising expectations of a US-China trade deal encouraged risk-taking by investors, in a week dominated by Big Tech results and a widely-expected Federal Reserve interest rate cut on Wednesday.

The tech-heavy Nasdaq rose by 1.6%, the Dow Jones gained 0.5% and the S&P 500 climbed by nearly 1%.

Our main stories today:

Petrofac, one of the biggest North Sea oil and gas contractors, has filed for administration, putting more than 2,000 jobs in Scotland at risk.

The energy services provider said it had applied to the high court of England and Wales to appoint administrators, after it lost a major offshore wind project over its failure to meet contractual obligations.

Petrofac, which employs about 7,300 people globally, said the administration plans – likely to be carried out by the business services firm Teneo – applied only to its ultimate holding company and that it would continue to trade during the process.