Pros
For me, the pay is the only good thing about this position right now. If you are really in to working all the time and very technical engineering and collecting/analyzing data, than this is the job for you.
Cons
Downsides include - not having a schedule at all (I've worked for 28 straight days offshore with less than a week off), the recruiters don't tell you major deal breakers when you interview - such as the fact you are required to be in-charge of hazardous material - such as radiation. They also say you will only be in the field for 2-3 years - and this is simply not true. It depends on the demand for engineers. During the downturn in the Oil & Gas economy, to save money they laid off 25% of the workforce - so there is almost no job security. Also - they cut the day bonus for being on a rig by 50%. During your training, you are threatened with getting fired almost daily. As an engineer with Schlumberger, you are just a number and they see you as replaceable. My direct manager (one of 5 that I've had in the past 2 years) lives 4 hours away - and I have only met them once. Every manager wants to be productive, but they come and go ever 18 months, so there are a lot of initiatives that are started and aren't followed through - making a lot of unnecessary work for those of us who stick around for 18+ months. In hindsight - I wish I took a more traditional job - I have no life other than life on the rig. This job is not very fulfilling.