Not over by a long chalk - to me, the oversupply fundamentals are still there. Should the oil prices recover to any great extent, it doesn't follow that the UKCS work will follow immediately. It won't return to the 'good 'ole days' anyway. Plus, fracking in the US will just pick up again, and the whole oversupply problem will return, with Saudi not showing any willing to intervene as it used to, and Iran now back on the scene.
For too long this city, much of its people (not all) & those charged with overseeing the city (definitely all) have all sat back & expected the oil industry to bankroll everything in the city. Fat cat complacency, and that most certainly includes the airport.
Oh, there was some idle talk back in the day about 'diversification' but that's all it was, talk. Like so much else in this city.
Well now the chickens are roosting & the city is aiming for mass UNemployment, whether it likes it or not.
Better learn how to make fishing nets, as in days of yore..... or leave.
Shell cut another 475 & a long-established (1960s) local Engineering firm has just gone into admin - another 100+ to go.
Only jobs being created are in the Job Centre to deal with the mass increase in jobseeking applicants.