In recent years, change in business environment has become a way of life and the pace of control, the need to control cost and increase efficiency coupled with increasing customer expectations has forced the organizations to evolve and regenerate in order to survive in the market. The tradition of working in same business with same people, and same customer base throughout the career has changed (Cook, Macaulay and Coldicott, 2004:1). A major finding in change management research reveals that most organizations do not manage change well and only less than 30% organizations that implement large scale change are successful (Nilakant and Ramnarayan, 2006:21). Aaron and Nelson (2008:5) mentioned that change is constant for today’s organization and are continuously looking for ways to work faster, smatter and better. The hunger to succeed in the competitive world where new companies are entering the market with innovative products and services has made it compulsory and necessary for the existing companies to change in order to match the speed and capability of the new companies much in advance so as to provide stiff and healthy competition to the new business entrants. Change in organization leads to product innovation, service expansion, and expansion of customer base when means that management has to take steps to undergo the ‘process of change’ effectively. The present paper is dealing with the process of change in an Oil & Gas Industry’s contracting strategy wherein the service of placing of contract to own the FPSO has changed to lease the contract to contractor.
Change is an emotional experience for those involved and people adjust to change in different phases which can bring pain, confusion, uncertainty, guilt and even excitement for those who see personal advantages in the change. It is a two sided coin which involves both people transformation and