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Benefits of Offshore Banking

Offshore banking is a phenomenon that evolved out of the rise in capitalism. The procedure has created offshore jobs that require the employees to deal with global clients. The phenomenon arose out of the fact that there are other places where a depositor does not have to pay as much taxes as one would probably in their home country. Then the taxation laws being stringent in offshore locations gives one a tactical advantage in maintaining funds and helping them grow as well.

One of the most remarkable features of offshore banking is greater privacy. The offshore jobs in banking need employees who are trustworthy, discreet and dependable. This is what helps one get the most anonymity when the accounts are created. There are usually no taxes or very low taxes in such a situation.

Eagle with flag in background.

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This helps one save more. Then there is the protection against any local instability financially or politically. This means that if the market plummets and assuming there is a financial crunch that might require a government to freeze assets of all huge corporations, then the assets of the organization are safe because they are deposited in an offshore location. These are the few benefits that should be taken into account while considering offshore banking.

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Tips and Best Practices

Working on a rig is not an easy career choice. While it offers excellent pay, benefits and other perks, it also entails long hours, grueling work and extended time away from families. Some workers thrive in the environment from the start while others take some time to get used to it. Others choose to walk away, unable to handle its demands. However if you believe that this is an optimal career choice for you, here are some quick tips and suggestions on how you can make it work for you from the first day onboard.

Summing Up

Most offshore drilling workers choose this industry because of the salary and benefits it offers. It is a surefire way to get an income boost compared to what you would earn in a similar role onshore. However apart from salary, there are other factors that make a job sustainable and it is important to give each of these equal value before embarking on this career choice. Some of the other topics covered in this book should help you in your decision.


Determinants of Your Salary Package

A number of factors will determine your salary and benefits package so before you choose an offshore drilling job, it is a good idea to research the following with respect to your offer.


The more experience the more you are likely to make as a drill worker. This is an industry where on the job knowledge and expertise is valued over all else so no matter how qualified you are from a formal education perspective; experience is what counts at the end of the day. In order to see growth in your salary package, you need to put in the time. A general rule of thumb on your increment progress is provided below:

  • 0 to 1 year experience – entry level salary
  • 1 to 4 years experience – 46% increase
  • 5 to 9 years experience – 12.5% increase
  • 10 to 19 years experience – 16% increase
  • Over 20 years experience – 10% increase

Size of the Drilling Company

The next factor is the size of the company you are working for. Studies have shown that employees who work in larger companies, employing 200 people or more earn up to 22% more than employees working in smaller companies.

Location of Service

Where you work plays a role in how much you will earn. Certain parts of the world are known for lower pay packages and others for higher salaries. However if you are working for a large company with a number of international sites, location may not be as much a factor.

Overtime Earnings

In addition to the salary and benefits provided by drilling companies, employees are also entitled to overtime earnings in cases where they are expected to work longer hours over extended shifts. Since working overtime is a fairly frequent and regular expectation, workers can enjoy a substantial increment over their regular salary just from compensation for extended hours working.

Benefits Usually Provided by Drilling Companies

In addition to a competitive salary, drilling companies usually provide to their employees a host of benefits designed to make their employment as lucrative and risk free as possible. Some of the benefits usually covered by drilling companies are provided below:

Life and Accidental Death and Dismemberment Insurance

This policy is usually two times annual salary and offers the immediate kin of the rig worker some cash relief in case of accidental death or dismemberment on board the rig. It is a form of acknowledgement that rig workers are employed in a fairly risky profession so this policy aims to take some of the risk away for their families. Some companies allow employees to opt for an additional amount up to 5 to 10 times their salary but would require that the employees pay the additional premium.

Dependent Life Insurance

Another insurance policy frequently provided by Drilling Companies is Dependent Life Insurance, which covers your spouse or your child. In the event of the demise of your dependent, you will receive a sum of money to help with all the funeral arrangements and burial expenses.

Short and Long Term Disability Insurance

Working on an oil rig can result in injury or disability which prevents the worker from returning to the job for brief or extended period. This insurance policy protects the worker and his family from the loss of income that would occur during this time either wholly or partially.

Medical, Dental and Prescription Drug Coverage

Medical and dental care costs are huge overseas and most hospitals will not even examine you unless you are covered by a health care insurance plan. All reputed oil-drilling companies provide their employees excellent medical and dental coverage. In most cases, they also cover any prescription drugs required by the worker or his family.

Voluntary Vision Coverage and Safety Eyewear Coverage

Recognizing that rig workers may face injuries affecting their eyes during the course of their work some drilling companies offer their employees the option to apply for voluntary vision coverage through a network of service providers. Other companies may extend prescription safety glasses at a very nominal rate to protect the vision of their employees.

In additional to all these benefits, drilling companies very often offer a specialized set of benefits to non US citizens who work with their organization in different parts of the world.

Salary Expectations

The different roles that exist on a rig crew have been discussed in detail in an earlier section of this book along with the salary expectations of each level. It has been represented below once again as a summary.

  • Toolpusher: USD 80,000 to USD 135,000 annually
  • Roustabouts: USD 33,000 to USD 45,000 annually
  • Roughnecks: USD 33,000 to USD 45,000 annually
  • Oil Driller: USD 17 to 25 per hour
  • Derrickhand: USD 37,000 upwards annually
  • Motorman: USD 45,000 to 60,000 annually
  • Mud Man: USD 72,000 annually
  • Geologist: USD 80,000 to USD 120,000 annually
  • Company Man: USD 80,000 to USD 120,000 annually
  • Crane Operator: USD 65000 upwards annually
  • Storekeeper: USD 45000 annually.
  • Rig Mechanic: USD 50,000 annually.
  • Rig Mechanic: USD 55,000 – USD 65,000 annually.
  • Barge Engineer: USD 69,000 annually.
  • Ballast Control Man: USD 55,000 annually.
  • Catering Roles:
  1. Camp Boss-Bears: USD 45000 annually.
  2. Head Cook or Head Chef: USD 45000 annually.
  3. Steward and stewardess: USD 30,000 annually.
  4. Bakers or Night Chefs: USD $45000 annually.
  • Subsea Engineer: USD 60,000 to 80,000 annually.

At the very minimum you can expect a salary of USD 33,000 if you have zero experience. With experience and skills development in more intricate roles, the potential for growth and consequently salary increments is substantial making this an extremely lucrative career opportunity.

Salary and Pay Structure

Let’s be honest, despite all the talk of adventure, travel and an exciting life out on the high seas, when it comes down to brass tacks, the main appeal of an offshore career is the pay. Salaries offshore are substantially more than salaries of the same jobs onshore. Plus you get paid per year for only six months of work, which holds an irresistible appeal for a number of rig workers. This chapter is dedicated to providing all the information you need on offshore drilling salaries, pay structure, benefits and other relevant topics.

Offshore bank accounts for asset protection and legit use

One of the benefits of acquiring an offshore account is asset protection. Asset protection basically is the security of your assets from legitimate as well as illegitimate creditors. Not many people use this service due to ignorance, leading many people to use it only when need arises and when it is too late. It is advisable for anyone who wishes to protect their legitimate assets to do so early enough to avoid future events that can lead to their property being seized. If your assets are unprotected, then you are quite vulnerable for such an occurrence. Offshore asset protection is advisable for the protection of your assets, especially from your creditors since they can turn things around at the click of a finger. These assets may include your savings, business, cars, home, stocks or bonds.

When you are planning an asset protection plan, always consider the level of protection required and the company providing it.

As a result of litigation in the US, many individuals, business owners and professionals had no choice but to protect their assets and savings, as well as their investments. This is a clear indication of the importance of offshore accounts for the protection of your assets. Many businessmen and companies prefer offshore accounts for asset protection for the reason that it is quite difficult and time wasting for a lawyer to engage in an effort to acquire assets that he literally has no power over. It would mean wasting a lot of time and money for a lawyer to try and establish your assets, not to mention the legal process which may be too long and complicated.

Any person who:

  • is in a high risk profession such as a doctor, lawyer, pilot, accountant and consultant,;
  • has a an accumulative net worth;
  • is a business owner; and
  • would like to protect what it is legitimately theirs is the right person to consider offshore bank accounts for asset protection.

Summing Up

The key to a lucrative career in this industry is learning. As long as your learning curve continues to be a sharp upward slope, you will grow in your role. All the companies described in this chapter provide excellent career development opportunities. So write your CV well and ensure you clinch the job. However while following up on prospective offers, beware that a number of recruitment related scams have emerged in which unsolicited offers of employment were made to individuals with forged documents. Typically following such offers, the candidates were asked to pay a sum of money towards visas, processing fees and other charges. None of these drilling companies make unsolicited offers, nor will they expect any payment from employees before or during employment.