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Oil Industry Job Cuts

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And don't forget the much larger number offreelance contractors already gone and will go, that no one mentions.

The emails for contractor "goodbye leaving drinks" were out of hand last year, they've stopped briefly and will start again in the next few months. Even if contractor roles are still required, any permanent staff at risk of redundancy will look to fill a contractor role. They never get reported in the job loss stats.

One advantage of being an office prole, down the foodchain, is by earning considerably less and having none of the perks of senior management, the overall effect of a pay freeze or halving of bonus's is minimal in comparison. Ex pats in oil majors are being eliminated unless essential to the role, so no more jollys to another part of the world, unlimited "on the company" rent and utilities being paid, school fees and other costs running into £100'000's+ every year. They now need to pay for these things out of their own wages like everyone else and my sympathies are zero. There's some severe haircuts going on for those that do remain employed.

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You are correct ... I am an oil industry contractor ... 3 months more work remaining ... Nothing on the horizon .... And in middle of HMRC investigation for 2013-14 ... They have their teeth in me ... I expect them to keep coming back for all subsequent years.

And on this subject...

They will now be right in the firing line from a cash starved treasury.

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On a more general note regarding contractors/temporary employees. In the rest of the economy when companies decide they want to shelve staff we won't read about it generally - larger companies will be able to make 100's/1000's effectively redundant without even doing anything or saying anything, err sorry the hours available on your zero hour contract are zero, this week, next week and the foreseeable.

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On a more general note regarding contractors/temporary employees. In the rest of the economy when companies decide they want to shelve staff we won't read about it generally - larger companies will be able to make 100's/1000's effectively redundant without even doing anything or saying anything, err sorry the hours available on your zero hour contract are zero, this week, next week and the foreseeable.

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Indeed. This happens in Banks too. RBS or Lloyds could 'let go' 5,000 folk over a period of time (Just not renewing their contracts en masse) and nobody in the public would even know about it.

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On a more general note regarding contractors/temporary employees. In the rest of the economy when companies decide they want to shelve staff we won't read about it generally - larger companies will be able to make 100's/1000's effectively redundant without even doing anything or saying anything, err sorry the hours available on your zero hour contract are zero, this week, next week and the foreseeable. .

Yes, I think there is a tacit agreement between the press and companies laying off on reporting as such, particularly if said company is financially unstable and press would exacerbate the matter.

I know of many O&G SME's who've been dumping staff in small numbers like clockwork over the past 12 months.

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On a more general note regarding contractors/temporary employees. In the rest of the economy when companies decide they want to shelve staff we won't read about it generally - larger companies will be able to make 100's/1000's effectively redundant without even doing anything or saying anything, err sorry the hours available on your zero hour contract are zero, this week, next week and the foreseeable.

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I used to work for a large financial institution. The bosses had targets at the end of 2015 to shed head count.

It's a dire place to work. So many left (i worked in two departments and in excess of 20 left within 4 months without replacement) that in the end nobody had to be made redundant.

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I used to work for a large financial institution. The bosses had targets at the end of 2015 to shed head count.

It's a dire place to work. So many left (i worked in two departments and in excess of 20 left within 4 months without replacement) that in the end nobody had to be made redundant.

Yes, there's that method too. Much easier when no unions around to crystalize dissent.

Intersting chap on the radio yesterday or day before, looking at the reltionship between productivity, work hours and work / life balance. We have the worst balance in europe and pretty muc the worst productivity. Germany, lowest hosurs worked, best productivity. No doubt a lot of that down to investment too where their banking system invests more into the future and commerce rather than gounging a population for a roof over their head. No doubt extending expections of work hours could be one method by which a company can erode their workforce.

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http://uk.reuters.com/article/uk-edf-employment-britain-idUKKCN0V00IK?rpc=401

France's EDF plans 6,000 job cuts worldwide, targets EDF Energy in UK

http://www.modernpowersystems.com/news/newsge-to-cut-jobs-in-europe-4790194?

General Electric plans to cut 6500 jobs in Europe over the next two year

Quids in for all energy related industries I'm afraid.

Older stuff, but FYI.

http://uk.reuters.com/article/uk-siemens-results-idUKKBN0NS0A620150507

Siemens to cut 4,500 more jobs

http://www.telegraph.co.uk/finance/newsbysector/industry/11853002/ABB-restructuring-stokes-break-up-speculation.html

ABB restructuring stokes break-up speculation

The engineering firm is to cut jobs across its 100,000-strong workforce in a bid to save $1bn, fuelling futher speculation that the group might soon be broken up

It's a bad time to be a disciplined electrical engineer. Very bad indeed.

Edited by cashinmattress

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Yes, I think there is a tacit agreement between the press and companies laying off on reporting as such, particularly if said company is financially unstable and press would exacerbate the matter.

I know of many O&G SME's who've been dumping staff in small numbers like clockwork over the past 12 months.

I don't think it's a tacit agreement,they just don't qualify as head count.

You can't make someone redundant who's not on your books.

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On a more general note regarding contractors/temporary employees. In the rest of the economy when companies decide they want to shelve staff we won't read about it generally - larger companies will be able to make 100's/1000's effectively redundant without even doing anything or saying anything, err sorry the hours available on your zero hour contract are zero, this week, next week and the foreseeable.

Great point. See also the masses of self-employed cupcake makers, Etsy sellers etc who are technically "employed". They're just languishing in limbo, lucky to break even.

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^

Earlier bbc link


Draghi reassures markets

On Thursday, shares in Europe and the US closed higher, helped by comments from European Central Bank (ECB) president Mario Draghi.

After the ECB had kept eurozone rates on hold, Mr Draghi hinted that the bank might take more action to try to stimulate the eurozone economy later this year.

He said the bank would "review and possibly reconsider" monetary policy at its next meeting in March.

Mr Draghi also said eurozone rates would "stay at present or lower levels for an extended period" and there would be "no limits" to action to reflate the eurozone.

There's no limits to their incompetence and in their capacity to continue policies known to be and officially admitted to be ineffective and to have failed - except to line their own pockets.

Edited by billybong

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^

Earlier "holyrood" link.


Nicola Sturgeon has written to David Cameron to urge him to support a city deal for Aberdeen “as a matter of urgency”.

In her letter to the Prime Minister, the First Minister confirmed that the Scottish Government would fund the multi-million pound deal on a 50:50 basis.

The First Minister asked for an agreement between the Scottish and UK governments and the local authorities to be struck as soon as possible to “send a strong and unequivocal signal” of support to the city and the wider region.

In the letter she said: “Given the current situation in Aberdeen, with significant private sector job losses announced in recent weeks by the oil and gas industry, it is vital that government sends a strong and unequivocal signal that it is fully supportive of the region’s position as a global oil and gas hub.

“The city deal provides a good opportunity to signal our respective governments’ support for the region. Against that backdrop, I am supportive of moving as soon as possible to agree the Aberdeen city deal.”

Blimey that's quick on the taxpayer sponge.

After decades of living high on the hog bragging about oil wealth and immediately there's a setback they're demanding the taxpayer bail out trough. It's special "cities" now as well as special companies and special countries.

Edited by billybong

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^

Earlier "holyrood" link.

Blimey that's quick on the taxpayer sponge.

After decades of living high on the hog bragging about oil wealth and immediately there's a setback they're demanding the taxpayer bail out trough. It's special "cities" now as well as special companies and special countries.

And she really must be even stupider than I even thought.

Zero chance of Independence vote of yes if O + G never rises to where it was before.

I doubt Westminster likes the drop in tax revenues from teh region - but if its going to go forever - at least they get one 'benefit' out of it.

The 'YES' debate will be well and truly finished.

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And she really must be even stupider than I even thought.

Zero chance of Independence vote of yes if O + G never rises to where it was before.

I doubt Westminster likes the drop in tax revenues from teh region - but if its going to go forever - at least they get one 'benefit' out of it.

The 'YES' debate will be well and truly finished.

I don't know about that. Just to advocate from the other side of the fence;

People only think of the immediate future in most of these arguments.

Your argument is Aberdeen and NE Scotland centric.

There is the potential for Scotland to be fully energy independent with the subsea cable project to Iceland, but that keeps getting stonewalled.

On the political side: Firstly, in the case of a yes vote at 51% last year, the handover of the oil and gas wouldn't start taking place until after 2017 and beyond according the failed manifesto.

Perhaps the oil price will normalize at some new number like 70 bucks and all of this will be a blip in the radar?

You could argue that it adds fuel to the fires as Scotland has no protection from shocks in the oil price, as does Norway with their big legacy fund.

Further, when the oil is gone and no legacy funding scheme ever existed, will Westminster lump the decom costs onto Scotland (which it will by the back door IMO).

Finally, when the oil is gone and the northern North Sea has been abandoned, and all of the gas for Scotland comes via central and southern north sea and is no longer in the control of a devolved/independent Scotland, are they going to get their ar$e reamed for energy?

And as always, land reform. Only further devolution and some politicians with balls will sort that one out.

It is pretty obvious how entirely dependent the UK oil and gas sector, with much of that in NE Scotland and Aberdeen, on the whims of the sitting government at Westminster and particularly the Exchequer.

And quite striking how little of those trillions in profits & taxes from the North Sea have touched Scottish shores n'est pas? Just 30 minutes from Aberdeen is pretty telling.

It's all definitely fuel for the fire on both sides of the debate.

BTW I don't support the SNP and am neutral on independence, was hoping for the devolved/federal option that wasn't on the ballot.

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