Last year I was chatting ot a young colleague who questioned whether choosing an oil and gas career )in hos case a process engineer) was a good idea.
I responded that O&G I a cyclical business with periodic boom and bust. We were at that time towards to end of the boom period, but if he was half way good at what he did, he would keep his job and continue to earn a reasonable living.
Since that conversation, in the middle of last year, the price has crashed and for me we are into the third major recession I have worked through.
The O&G industry's response to these events is always primitive and quick. There have already been large price cutting from some contractors to stay in business and for the weakest there will be more.
Caught between high leasing costs and a lower price the successful contractors will re-negotiate , the unsuccessful will fold.
O&G helicopter pilots will take a hit, I already have ad we'll see where it goes, in the grand scheme of things it is the great circle of O&G life. It is cyclical industry, understand it and live with it - or else find lower remunerated employment elsewhere!