Slump may have reached bottom

More lay-offs expected in North Sea

Oil rig vidOne in every six jobs is likely to be lost in the North Sea oil and gas sector this year, according to a survey.

Operators expect a 17% cut in headcount, representing a stepping up of lay-offs this year. There was an average cut of 15% in the last 12 months.

Better news from Aberdeen & Grampian Chamber of Commerce’s 24th Oil and Gas Survey are signs that the sector may be “near the bottom of the curve”.

It is estimated that 65,000 North Sea oil workers have lost their jobs since the slump in the price in the middle of 2014.

This latest survey, with the Fraser of Allander Institute.

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