Contrary to the optimism some oilfield services companies have expressed about finding a solid labor pool once the oil and gas upturn begins, many former employees have no intention of ever returning, according to a survey by Evercore ISI.
"Contrary to what hiring managers think, many workers are NOT coming back to the oilfield," Evercore analyst James West said. "Of the respondents that officially retired...only one mentioned the possibility of coming back as a part-time contractor, just to give him 'something to do.' As for the individuals that did not re-enter the oilfield, an overwhelming majority have turned their backs on the patch altogether."
West and his team issued a survey last month of people who had been employed by some of the larger diversified oilfield services (OFS) providers in North America (NAM).
A "healthy" number of responses (40) were from professionals who had worked in a "wide range of functional capacities, including engineers, mechanics, rig hands, electronic techs, sales managers and even a segment vice president," West said. "Results from the survey corroborate our thesis that labor constraints will be an ongoing bottleneck that will slow and prolong the NAM activity recovery."Read much more by clicking here.
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