Oil and gas skills crisis ‘bringing back retirees’ says top recruiter SThree

A shortage of maths and science graduates entering the energy sector has forced ex-contractors to come out of retirement to fill the skills gap, one of the country’s biggest recruiters said on Monday.

Sthree chief executive Gary Elden said the lure of quick riches in the start-up tech industry meant it was harder to fill technical roles in the oil and gas sector and traditionally attractive routes like banking.

“If you look at the oil and gas market people are coming out of retirement to take up contract roles because of the shortage,” he said. “You can’t find experienced people with the skills.”

Successive governments have tried to put more focus on so-called STEM subjects, comprised of science, technology, engineering and mathematics, but to no avail, according to Elden.

“You won’t really see the benefit of that for a few years,” he said.

Around 9% of the company’s profits come from the energy division, based in Houston, Texas, compared with its biggest sector IT, which accounts for 44%.

A drop in the oil price has forced many to cut back hiring but Sthree said there were “early signs of improvement” in the first half of the year.

Pre-tax profits for the half year ending May rose 5% to £19.2 million, excluding currency tailwinds, while revenues rose 7% to £521 million.

The United States was a standout, and the company expects it to overtake Germany as the biggest market soon.