More oil firms calling bottom on downturn, survey shows

North-sea job losses have not slowed down over the past year, but there are signs that industry has turned a corner, the 25th Oil and Gas Survey said.

The study also showed that the sector had taken a pay cut for the first time in at least 12 years as basic salaries and conditions were renegotiated.

But it said 29% of companies believe the downturn has already bottomed out and 36% think it will in the next 12 months.