Oil industry contractor armageddon

[Batcher]

http://rt.com/uk/227115-scotland-tem...-fracking-ban/

Scotland is estimated to have reserves of around 80 trillion cubic meters of shale gas, which would be enough to provide Britain with gas for more than 30 years.

A good enough reason to keep it underground until we are independent

[TestMangler]

http://rt.com/uk/227115-scotland-tem...-fracking-ban/

Scotland is estimated to have reserves of around 80 trillion cubic meters of shale gas, which would be enough to provide Britain with gas for more than 30 years.

A good enough reason to keep it underground until we are independent

Let them cause earthquakes in Blackpool instead. Unless the tower falls down, no one will give a tulip. (Although it will leave a load of jocks with nothing to do at September weekend).

[Tensai]

Who else is working in the upstream oil/gas industry?

It's an absolute bloodbath for IT contractors, I've never seen anything like it in my 10+ years in the industry, even after the 2008 financial crisis. New projects are being killed at birth, only the most essential ongoing projects are surviving.

Who's had their rate cut or been terminated already?

UPDATE : 15% rate cut.

Just have to hope the Saudis get bored of this game and turn off the taps for a while.

[ChimpMaster]

UPDATE : 15% rate cut.

Just have to hope the Saudis get bored of this game and turn off the taps for a while.

I fought through the banking crisis in similar fashion, and the important lesson learnt was that at least you are in contract through the bad times - you won't feel the 15% cut after a little while, and it sure as heck is better than a 100% cut that leaves you benched. Keep working through, and best of luck.

[xoggoth]

I used to. Glad I'm retired.

[xoggoth]

mathematical modeller, so bulltulip generator is about right

Me too! Used to do training simulators for oil and gas production and power stations. Also control system analysis

[alphadog]

UPDATE : 15% rate cut.

Just have to hope the Saudis get bored of this game and turn off the taps for a while.

Swallow hard and accept it. Like the other poster said, a 15pc cut is better than a 100pc cut.

I know a number of good upstream oil and gas engineers in London who are currently out of work with essentially no possibility of a new role unless the oil price bounces back. Horrible position to be in. The wheels must be starting to come off in Aberdeen big time.... boom town turns to bust town.

[Tensai]

Swallow hard and accept it.

I will probably do so, it's tumbleweed time in the industry right now, so nowhere else to go.

I would love to see their faces if I demand a 15% rate rise when the price bounces back. Might be a fair way off though....

[DimPrawn]

I will probably do so, it's tumbleweed time in the industry right now, so nowhere else to go.

I would love to see their faces if I demand a 15% rate rise when the price bounces back. Might be a fair way off though....

If you don't demand 15% rate increases when times are good, the constant rate cuts means a downward spiral in living standards.

[eek]

If you don't demand 15% rate increases when times are good, the constant rate cuts means a downward spiral in living standards.

True but its better than a 100% cut when no-one else is recruiting. Better to batter down and take what's available than doing a Suity....