Mr. KOF: you are correct but for all the wrong reasons. Your argument & logic are flawed based on predictions since 2005 that international offshore Oil & Gas industry is in decline; hence affecting domestic Chinese yards. The presentation & definitions between marine & offshore engineering and job opportunities (especially in USA) shows your lack of in depth understanding of this industry. An average offshore structural engineer based in Houston with 8-10 years of experience, can command easily above USD 100k per annum package with medium size engineering firms, not just with oil majors. Discipline leads can go above USD 150-180k per annum with large companies and oil majors. In Houston, it is not uncommon for project based PDMS designers to receive on average USD 90 an hour for a 10 hours day, 5 days per week contract. Senior major project EPMs rates can go up to USD 250-300 per hour. So the $$ have always been there and experienced personnel are always been in great demand. I know the above figures are accurate because I worked for a Houston based company up till 2013. But the good times stopped in 3rd quarter of 2014 when oil prices took a dive as a result of politics & oversupply; i.e., shale oil & fracking, OPEC determined to continue oversupplying (to keep fracking & shale oil economically unviable) , IRAN returning to international market etc. With the uncertainties, no oil majors will sanction new offshore projects for the next 12-18 months. The effect will ripple down to Chinese yards geared up for international offshore project contracts. In short, worldwide offshore Oil & Gas job market will stay stagnant for a long time (3 years minimum) I reiterate, you are correct in predicting an industry downturn but for all the wrong reasons. Project based personnel of course don't enjoy job security. But would you rather make USD 250-300K per year for 3-4 years or have a steady income of 60k per year for 10 years? And believe me; in a downturn, there are no job security for anyone, staff or contract. In any event, Chinese nationals don’t stand a chance against the Indians when it comes to IT job opportunities in the US. Finally the long downturn will go global and hit everyone, so do reconsider your optimism with another industry. |