Influence of Oil Prices in Dynamic Positioning Training

Abstract

The main purpose of this research is to present the influence of the oil price drop in the offshore training industry and the actions taken to minimise this effect. In particular, data corresponding to the Offshore Dynamic Positioning (DP) training and certification scheme by the Nautical Institute were used for the research. Since the oil price began to drop by the end of 2014, the oil and gas industry had to make some readjustments to keep the profits and continue in the business. The offshore DP training was affected by this crisis in two ways: the number of candidates starting the certification scheme dropped significantly; and on the other hand, candidates who had already begun the scheme were unable to complete the required number of days to be able to access the DP Simulator course, or for obtaining the DP Operator certificate. During this period, the training and certification scheme has undergone some changes to adapt to the new situation and to try to resolve the problems mentioned above. The analysis of the data shows that the effect of the oil price drop was not initially affecting the training but only began to show the consequences after some months.