Expert Advice for Out of Work Oil and Gas Contractors
September 24, 2015
Experts within the Aberdeen office of Scotland Debt Solutions are currently advising a number of individuals, including one-man limited companies and sole traders, who have been affected by the downturn and mass redundancies in the oil and gas sector.
The cost per barrel of Brent crude oil has fallen dramatically in the last 12 months and the knock-on effect has created widespread financial problems across the region. Over 65,000 oil and gas redundancies have been made since 2014 – including a large number across Aberdeenshire – as the major firms such as Talisman Energy, Royal Dutch Shell, BP and Petrofac attempt to cut costs.
Aberdeenshire has the highest concentration of oil and gas contractors in the UK but many are finding that their contracts are not being renewed during this current downturn, which has been brought into increased focus by recent analysis from Oil and Gas UK. Their published report highlights the challenges faced by British energy companies and warns of the potential for the industry’s fortunes to deteriorate further going forward.
With the cost per barrel of crude oil unlikely to rise in the near future, the major oil and gas firms are set to continue their cost-cutting drive which will unfortunately impact many more workers in the sector. If you find yourself out of contract or facing problems relating to personal tax liabilities, we can offer expert advice.
Our advisers are currently helping a number of contractors who feel like the rug has been pulled from under their feet. Do you know where your work pipeline is? If the answer is uncertain, contact Scotland Debt Solutions today and a member of our team will be on hand to provide advice through a free consultation either on the phone or in person at our Aberdeen office.