Thursday, 2 July 2009

The R word

Well its all been bubbling under these last few weeks, but it is now certain that cuts are going to have to be made in the Workforce of the Company i work for.... not good, and unfortunately not that uncommon in these days we now find ourselves in.
This story is one which will be developed over the next few weeks and months as and when things of note happen....its certainly not going to be written about looking for sympathy (If i become one of the many), but, as I said before embarking on this blog, merely as a means of a bit of soul cleansing, and yes, a bit of yelling when i feel like it.
The industry I work in is Seismic Exploration, a sector which i have been involved in for some 20 years or so....We are the Guys (and Gals) who are generally sent out to remote areas of the world, to take records of the geology of the rocks underneath us, so that people who are far clever than ourselves, and who know how to make a computer work, can decide whether its worth putting an Oil Rig somewhere over where we have been, and punch a hole into the earth to find Hydrocarbons, or in most cases....different types of rock !
In the 20 years I have been in this Industry there have been 3 downs......Its a very cyclical process this relationship between Exploration and Production in the Oil industry, with each complete cycle stretching over some 6 to 8 years. However, I have never personally seen such a down part of a cycle as what i am seeing and we are experiencing now.
The Oil companies are sitting on their hands, and there is absolutely, and i mean absolutely, no investment happening in Exploration. The Seismic market in Marine has contracted more than 60% this year, My friends on the Rigs are seeing similiar statistics....mark my words, you heard it here 1st etc etc(yawn), this IS going to be the "Big One" and it will take more than a couple of years of Gordon to come out at the end of it......There is going to be devastation in the Oil services sector, so sell your shares in those companies, and start (secretly) buying petrol/diesel, as the price of oil is going to go through the roof beginning early next year.
Welcome to Mel and the Mad Max period....

Blimey, i don't know about soul cleansing, i think i'll just walk out on to the helideck and launch myself off after reading this back to myself !


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