Contracting rates rise as North Sea market faces war for talent
24/06/2011
Oil & Gas companies working in the North Sea market are facing a ‘war for talent’ and are having to increase their pay rates for contract staff in order to secure the best people.
As operators push more work into brownfield projects in the North Sea, companies are facing a battle to secure the senior people that are required to run these projects. In particular demand are senior Designers and Engineers.
Faststream’s Group CEO Mark Charman commented: “The continuing problem for the North Sea market is that there’s only a certain pool of contractors, with few people being added to the bottom end. The result is a short-term concern which could turn into a long-term issue for companies wishing to fulfil their current contracts and continue expanding their operations”.
“The good news for senior level contractors with the right experience is that they are in demand and companies are willing to pay increased rates to get them on-board. In the last 6 months Faststream have seen contract rates increase between 5% – 8% on average”.