Despite tight times in 2009, Momentum Engineering put the year to bed by delivering a long-forgotten social tradition for upstream professionals
With 25 years of experience serving the oil industry, Ruth’s Chris Steak House launched monthly Oil Field Get-togethers at the restaurant, in The Monarch Dubai, in the hope of continuing a tradition that has been long forgotten in this market.
Jimmy Larsen, commercial director of Momentum Engineering, the sponsors of the December OFG said, “An Oil Field Get-together is a casual forum for oil and gas professionals to come and meet their peers and industry colleagues with the objective of developing their contact database, stimulating potential trade and deals, and catching up with old friends.”
This monthly event has been born with the hope that the Oil and Gas industry boundaries will be broken down on a personal level – and by inviting a different company to be the sponsor each month, thus allowing new perspectives and topics to be shared on a regular basis with a key speaker.
“This, we hope, will encourage people working in these close-knit industries to mark these regular dates in their diary so that this ongoing networking opportunity becomes a regular occasion for them,” continues Larsen.
In attendance at the December OFG were over 15 leading oil companies including the sponsors of the December event, Momentum Engineering. The OFG offers a networking session both pre and post lunch, and a convivial tone was set from the off. With fine fare the friendly forum managed to overcome what has been dubbed a cut-throat year, and acquaintances and contacts were made amidst a flurry of business card exchanges.
Sentiment about the year ahead was at best cautiously optimistic, though many industry insiders expected tough times to continue at least in the first half of 2010. “As we continue to sail in some unchartered waters, 2010 will be a slower year than previously forecast, however there still continues to be a degree of optimism from global operating companies to pursue investments in some of the lesser developed areas,” said Mike Smith, vice president sales, Middle East region, Maclean Electrical (incorporating Noksab).
Smith acknowldeged that oil and gas focused outfits have had a slower year mainly due to the number of deferred or cancelled projects, however Maclean Electrical’s global growth has continued through being recognised as a strategic service provider.
“Awareness is the single biggest challenge this area will throw up next year, with a lower level of projects and the same number of players, awards will be tougher to achieve, margins will get tougher, and then payments will have to be closely managed. Therefore becoming smarter and more alert will be the order the day in 2010,” added Smith.
“We anticipate that quite a few projects that were delayed in 2009 will now be implemented. We anticipate a good year but with pricing considerations. Retrieving payments outstanding was a major issue in 2009,” said Larsen.
