Oil and gas contractors can now earn more than £1,500 per day due to a global skills shortage in the sector, according to new research from tax advisors Von Essen today.
Individuals who can take on critical, skilled roles at a moment’s notice – dubbed super contractors – could earn up to £1,000 per day five years ago, but this has soared due to a surge in demand, especially in growing economies.
“The oil and gas sector is facing a global shortage in the supply of talented and experienced employees, particularly in new growth areas like countries in Africa where there is a shortage of domestic industry expertise,” said Lydia Marref, compliance specialist at Von Essen.
“A willingness to move to a new country at short notice, often too dangerous or remote locations is frequently a crucial factor in breaking through the £1,500 per day mark and becoming an oil and gas super-contractor.”
In the UK, industry critics have argued that a dearth of skilled workers has contributed to the North Sea’s oil and gas reserves not being maximised.
Other sectors, including financial services and IT, are also experiencing high demand and a shortage of skilled workers, according to Van Essen.
“The culture in financial services is a willingness to pay contractors handsomely if the business can see that the individual is worth it,” said Marref. “Poaching from rival firms is another reason that contractors are in such high demand from financial services businesses. Super-contractors are well placed, with their wealth of experience and skills, to step seamlessly into the shoes of their predecessor.”