Oilfield Services Employment Diving to 10-Year Low
to deploy cost-cutting measures. Rystad Energy analysis of the top 50 oilfield service (OFS) firms shows that staffing is set to reach its lowest level in more than 10 years, with the anticipated revenue per employee also declining towards the previous downturn’s level," Norwegian energy intelligence group Rystad Energy said Tuesday.Rystad Energy tracked the permanent employee count of the top service companies, including reported permanent employees at year-end, and found that the reduced staff levels in the OFS industry seen in 2016, after the previous downturn, have mostly been maintained
PGS Laying Off 40% Office Workers. Offshore Crews Might Be Cut, Too
vessel during Q3."Tough times for seismic playersOffshore seismic contractors, especially the owners of survey vessels, are the ones who will suffer the most from low oil prices and COVID-19 when it comes to the oil and gas supply chain, Rystad Energy said in its recent analysis.The Norwegian energy intelligence recently said that offshore seismic revenues were estimated to fall in 2020 by 51% in a $30 Brent scenario and by 77% if the Brent falls to $20, compared to levels seen in 2019
More than a Million of Oilfield Services Jobs at Stake
More than a million jobs in the oilfield service industry (OFS) are expected to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, Norway's energy intelligence firm Rystad Energy said. Most cuts will come from shale servicesAccording to Rystad, more than 5 million people are employed in the OFS sector globally at present and Rystad Energy’s estimates show that this year alone, contractors will scale down their workforce by at least 21%. Some 13 percentage points are attributed to oil-price-driven cuts and the remaining 8%
Tens of Thousands of Offshore Jobs at Risk, UK Union Warns
that exploration projects on the UKCS are being delayed or canceled as oil gas prices plummet to unsustainable levels. This is threatening to take some operators to the wall, along with the contractor and supply chain workers maintaining their assets."The plea comes a day after the Norwegian energy intelligence firm Rystad Energy warned that 200+ oilfield services companies in the UK and Norway might go bankrupt in the current oil price environment.Gov't funded sick payCash said: "Government and industry's ‘Vision 2035’ strategy now looks in serious jeopardy and we agree
