TDW Offshore Services' Employees Receive Surprise Bonus
TDW Offshore Services AS, a leading provider of pipeline services and technology, today announced that it has distributed a bonus to its employees worldwide.
In 2008, the pipeline services specialist generated an impressive 36% increase in revenues over 2007. The increased turnover resulted in a profit, a portion of which TDW Offshore Services management decided to share with its staff. Employees received a bonus equivalent of 6.25 percent of their base salary.
Amidst industry reports of falling share prices and staff layoffs, the news comes as a bright beacon of light. "It's extremely satisfying to be in a position to reward the hard work and dedication of our staff, especially in these difficult economic times," said Mark Sim, Commercial Manager for TDW Offshore Services.
Lower Oil Prices Offer Silver Lining
To what does the company attribute its turn of good fortune? Demand for TDW Offshore Services' pipeline maintenance and isolation services rose through 2008, tied in large part to the fluctuating price of oil. When oil was priced at USD$140 per barrel, demand slowed resulting in the surplus oil being stored in pipelines. "With the pipelines full of oil, many companies deferred carrying out maintenance that would normally have taken place had the oil been moving through the pipeline. The knock-on effect was that TDW wasn’t retained to carry out these services, and sales dipped," said Sim. "When the price per barrel dropped to USD$40-45 dollars, our phones starting ringing with requests from customers for pipeline maintenance services, and they haven’t stopped," he added.
Expanding to Meet Demand
To keep pace with demand, TDW Offshore Services is actively recruiting for additional staff to fill a wide variety of roles, both on- and offshore. Those with experience in the oil and gas industry are encouraged to consider applying for openings in project management, human resources, engineering, logistics and quality control, among others. The company is also looking for apprentices in electro-mechanics to work throughout the summer months at its workshop in Forus, Norway.
Although the majority of positions are based at TDW Offshore Services' global headquarters in Stavanger, a number of them are located at the company's bases in Houston, Singapore, Dubai and Aberdeen, Scotland. The company is currently carrying out a variety of pipeline services operations in Mexico, Qatar, the Caspian Sea, and the UK and Norwegian sectors of the North Sea. Further operations are scheduled to commence later this year in Malaysia, Australia and Equatorial Guinea. During the past year, TDW Offshore Services carried out successful pipeline isolation operations in the North Sea, Austria, Denmark, the Democratic Republic of Congo, and the Gulf of Mexico, among others.