I think even if the N.Sea stays at it's current rate of work, just through general attrition of retirements eventually the companies will need to hire. There are lots of old timers out there, and virtually no ex mil available like there used to be. I know of a few guys going fixed wing from rotary, this will obviously make some more room, and it would only take a small increase in work (one aircraft on contract usually requires around 9 pilots on average) and hiring would begin. However, IF I were young and wanted a more stable life/future for my family I would invest and go myself! Lots of the guys let go in the vicious cull last year have moved house and home and made new lives away from the n.sea, and will not be coming back!
There are jobs onshore being advertised but these are for experienced pilots (Actual P1 and overland experience), which does not help N.Sea P2's much, but some P1's with the requirements and absolutely fed up with being treated like ryanscare pilots, might have had enough and move on for a nicer way of life?
Good luck to all looking for work.
B.