Dont jump ship when your experience is less then 3 years unless you have lubang connected already.
My 2 cents

....another round....
Technip announces it will reduce its global workforce by 6,000 as part of its restructuring efforts due to the industry downturn.

Paris-based engineering company Technip S.A. is the latest oil and gas company to announce layoffs as a way to combat a “challenging environment in oil and gas.” As part of its restructuring plan, Technip will lay off 6,000 of its 38,000 employees from its global workforce. The cuts will be implemented over the next 18 months, a Technip spokesperson told Rigzone.
The layoffs come as part of the company’s decision to “accelerate its cost reduction and efficiency efforts worldwide,” according to a statement released by the company. The restructuring plan is expected to save the company over $918 million – almost $775 million will be delivered in 2016 and the remainder in 2017.
A significant part of the restructuring plan addresses the onshore/offshore segment’s “unsatisfactory performance,” including reducing the company’s presence in some onshore/offshore markets where profitable business is unlikely. This is expected to take place in Europe, Asia and Brazil. The company will reinforce investment in key geographic and technological areas, such as FLNG (floating liquefied natural gas). In the subsea sector, Technip will further reduce its fleet, with plans to reduce two more vessels in addition to the two vessel reductions previously planned. This will bring the total number of vessels to 23.
Technip chairman and CEO Thierry Pilenko said in a release that “the slowdown in the oil and gas industry is prolonged and harsh” and that the restructuring “will have tough consequences for employees across the Group.”
Technip joins a host of other companies who have implemented workforce reductions (a total of more than 150,000 jobs lost globally) and restructuring plans as a means of dealing with the volatility of global oil prices.

Paris, July 6, 2015
Technip Press release

Technip anticipates an even more challenging environment in oil & gas: Launches restructuring plan and accelerates its cost reduction to reinforce the Group through and beyond the downturn

1) Total targeted savings of approximately €830 million, of which €700 million to be delivered in 2016 and the balance in 2017

2) One-off charges of €650 million that cover all the different aspects of today’s announcement

3) Restructuring plan will involve a reduction of the global workforce by approx. 6,000 and further optimization of its asset base

4) Onshore/Offshore adjusted underlying1 operating income from recurring activities to improve in the second half, consistent with previous objectives; Subsea continues to execute well and the outlook for full year adjusted operating income from recurring activities is confirmed

Maybe not affect Malaysia business since Technip got RAPID project. Currently need lot of people.

Why? all these while i thought offshore is superior than onshore?

We've gone through almost a year of low oil price already. I really doubt that a lot of companies can keep sustaining the existing workforce.
There's definitely going to be continuous cuts until the price recovers.

Oh really. Thats why some of existing staff got love letter and at the same time they looking for new guy.
Just be prepare for the worse case. I'm just taking VSS last May. 

Hope Iran can help make a push, test USD40

Saudi are changing their strategies, from just crude oil export last time, now they will start controlling this. Instead, they will be exporting finished products.
For oil relying countries, it is very sad for them, even a country in Africa has bankrupt on this and their leader openly cry and blame the 2 giants(US and Saudi) on causing this
Now O&G companies are starting to slash or retrench their staffs, where upstream are the most impacted. Like Shell already planned to slash 1000 of its upstream staffs. Downstream looks ok, but usually before a thunderstorm, it will be dead quiet.
Banking industries already slashed ~4000 within 18 months, so more will come.
Better make sure you have other skills as when you accidentally get slashed, it will be your back up plan. Lucky that I know how to cook, so it does not really affect me. If were to say the effect, now everyday I have to wake up early and start preparing food. The return is, I no need to pay 5 figures of tax next year

Good
At least you spend some time on looking for truth your self rather than like some jokers that keep on deny the bloody fact.
So, the question now is, does O&G career really still like last time's comfort zone
1997 economy crisis O&G survived, 2008's Lehman Brother's bankruptcy again O&G survived the wave.
But now basically nothing special bad news and yet O&G can't survive

it is 10,000 and not 1 million were retrenched as the translation that has been done. trust no the translation accuracy. i used to perform translation English <--> Mandarin for training materials when was working in Singapore for our company PRC workers, i always need to review and tidy up the translation.
before i graduated, i read an interesting article. i remember vividly until now, sharing from some experienced engineers. build different engineering skills and experience for every 5 years along once's career in order to adapt to the job market trend and economics.

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As for timing it is pretty establish from where I work that the economic cycle is 3142 days in duration or 8.6 years. Yeah pi multiply by 1000 days.. it is bizarre I know and no one can explain it we just accept it as truth from studies. Maybe that is why this knowledge is not mainstream. From the last crisis that started in 2007 the target for the next is 2015.75. Which is this year.

The last crisis was about credit crunch toxic mortgage back securities. This coming crisis is about sovereign debt crisis especially of emerging economies. Oh and the eu too. So you judge. What's amazing this time is the whole world is suffering from the same issue in unison. Not an isolated case. Personal opinion here.

PM me company name and position, I can check for you

Please start a thread in real world if you want to continue this. I don't mean to get this far off topic.

Now is under long term thunderstorm in O&G, time for big company like Petronas to review contracts with Alibaba companies. Which ever Alibaba companies that still can get contract from Petronas must have strong connection with top management
Maybe will jump out an Alibaba company and buy Shell Malaysia totally, just like Petron bought over ESSO last time

Upstreamnothiring..sad..badtimeforO&G.
butIbelieveOilpricewillrecuperateandtheUSDwillcollapse.

Well good for you then.  Even though i heard a lot of retrenchment news, yet business is still ongoing. Lets hope for the best.
well thats petronas and yes the ratio is low but they still having non malay right.  If u see Shell,  they are opposite  to petronas.  Non malay is majority there.

do you know how many Iban and Kadazan ppl (and other natives of Swk and Sabah) Petronas and its subsidiaries employed compared to Shell? go check this out.

and Shell has been operating in Sarawak far far faaaar longer than Petronas.

Serious? got such thing