Good question and one that I've pondered. I can only speak for the UK but the market shows little signs of picking up at present. I'm not sure how the N Sea is going to pan out in the future - there has been a significant change there and would need a big upturn in exploration to drive a higher demand for helicopters and pilots. The oil companies are shying away from deep sea exploration for the time being although reduced exploration during the downturn does mean that the companies will need to start replenishing their long term reserves at some point. Not surprisingly this will be driven by oil price and hence demand, which is dependant on many factors - your guess is as good as mine.
What may drive the market in our favour is a combination of demographics, the airline pull and hence fewer people undertaking training and a vastly reduced number of ex military pilots available. Give it another 2 years I'd say....