In a social media post, The Offshore Alliance said Jadestone wants its “Australian oil and gas workforce to cop a 10 per cent pay cut to help fund more of Jadestone’s overseas investments in offshore hydrocarbon assets”.
“Jadestone have organised a teleconference today of their Stag Platform and Montara FPSO employees to try and convince them to take a massive whack in their take home pay,” the post reads.
The Offshore Alliance said the group and its members would not be agreeing to one cent in pay cuts, let alone 10 per cent.
“The employment standards of offshore oil and gas workers are not for sale to the lowest bidder,” it said.
“We are pushing back with an EBA campaign that will lock in job security and union employment standards for our members.”
Jadestone has recently announced acquisitions in the Asia Pacific region with Mandala Energy and Inpex, which The Offshore Alliance believes is the reason behind the pay cuts.
The company reported a pre-tax profit of US$13.1 million ($18.88 million) in its latest financial results for the period ending 31 March 2020, at which point Jadestone President and CEO Paul Blakeley said the company was “well positioned to leverage our strong financial position as an acquirer”.
Jadestone has a 100 per cent operating interest in the Stag oilfield and the Montara project, both located offshore Australia.
For more information visit the Jadestone website.
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