Zoe Suren, via LinkedIn
Finally we start to see some signs within the subsurface sector that the worst of the downturn is over.
Still there are some companies who are needing to cut budgets and reduce headcount but to a much lesser scale than we have over the last couple of years and plans to hire are starting to come up on the horizon for others in the market.
This hiring is likely to be dependant on a few things – deals coming through, funding being raised and projects being re-activated – it is rare these days that I hear that hiring is dependant on an oil price increase which is a breath of fresh air after 2.5 years of the word oil price being burnt in to my brain. Finally companies are showing signs that costs have reduced enough for $50 to look like an acceptable position for profitable projects (in some cases).
The interesting thing about this market is the decisions that companies will make at this critical stage – and what it will say about them in the future. The general candidate population within the subsurface sector is much less risk adverse than they may have been 3 years ago… they are strong.. they have survived a downturn and they have no interest in sitting around twiddling their thumbs. There is a thirst for action, a real desire to get stuck in to something interesting and a respect for companies who are showing confidence once again in this industry.