You may also find our Guide to Becoming an Oil and Gas Engineer useful.
The oil and gas industry is one of the few industries that with ever increasing job opportunities can not keep up with demand. As a result the oil and gas sector is inundated with new contracts every day. Wood Group, one of the leading international energy services companies employ over 29,000 people worldwide, and still growing.
Here are some (and these are just a few) of the benefits to contracting as an Oil and Gas engineer Renewable Energy Engineer:
- Higher rates of pay – This is only fair as unlike permanent employees, you do not get holiday or sick pay, giving you a greater chance to negotiate a higher rate of pay.
- Prospects – There is an endless supply of contracts, as demand for oil and gas is struggling to be met.
- Experience – The more contracts you take on the greater your practical and managerial skills. Giving you a wider choice of projects and the ability to charge higher daily rates
- Freedom – You can choose which contracts you take on and the length of time your contract is.
- Experience – The more contracts you take on the greater your practical and managerial skills. Giving you a wider choice of projects and the ability to charge higher daily rate.
- ‘Bonhomie’ among the colleagues – If you take a contract on an oil rig, you tend to see the same faces every day and they soon become your extended family. You can bank on them for all your needs.
Contracting as an Oil and Gas Engineer puts a whole new spin on the client, employee, and relationship. Your role is to come into an organisation as the ‘industry expert’, which is not only a nice position to be in, it also adds to your credibility as an industry professional, widens your experience further and helps increase your daily rate.
Another benefit to contracting is you will pay less tax, then a permanent employee. This is to be expected – after all as a contractor you do not get sick pay, holiday pay, and have to manage your own tax affairs.
Any accountant will tell you that trading through your own Limited Company is the most tax efficient way possible. However any good accountant will be able to remove most of the burden and you shouldn’t need to allow more than 15 – 20 minutes a month for limited company administration. Visit the following page for a full list of Benefits of having an Accountant.
- Guide to Becoming an Oil and Gas Engineer
- Rates of Pay for Oil and Gas Engineers
- Finding an Oil and Gas Contract with Wood Group, Hydrasun, Subsea7, Shell, Exxon Mobil and BP
- Finding an Oil and Gas Contract with Cheveron Texaco, Worldmald Tyco, Technip, Talisman and Philips
- Freelance World of the Oil and Gas
- Oil and Gas Engineers
- Oil and Gas Contractors
If you still have questions about contracting then please contact our New business team 01442 275789 or email newbusiness@sjdaccountancy.com.