Contractors' Confidence in UKCS Keeps Rising
Contractors’ confidence in the UKCS is continuing to improve, according to a new survey.
The 29th Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG, revealed that 66 percent of contractors were more confident about their UKCS activities, while only 3 percent were less confident, resulting in a net balance of plus 63 percent.
This net balance was the highest level since spring 2013, the report highlighted. The 28th Oil and Gas Survey showed contractors’ confidence in the UKCS was at a net balance of plus 56 percent. This figure stood at plus 39 percent in the 27th survey.
The 29th survey also showed that more contractors had increased employment of permanent staff in 2018 than reduced, with a net balance of plus 29 percent. This figure stood at plus 1 percent in 2017.
“It does appear that the sector is rediscovering its mojo and optimism is high for the future. However, capitalizing on this mood will need to see operators, contractors and suppliers working and innovating ever more constructively together,” Russell Borthwick, chief executive of Aberdeen & Grampian Chamber of Commerce, stated in the report.
“In this survey 31 percent of firms reported an improvement in collaboration over the past three years. We would like to see that figure improve significantly over subsequent surveys,” he added.
The Oil and Gas survey was established in 2004 and is the longest-running report of its kind in the UK. The 29th edition was conducted in October and represents the views of 115 firms employing 41,800 people across the UK.
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