Do you pay all your own fuel and van etc etc Ash?
if you do then they are taking the **** to be honest, a year down the line you should be taking home a lot more than that.
As as a self employed engineer, you need to be taking home more than direct labour engineers due to the cost involved and the risk you may not have a job tomorrow.
I had my hours cut at BG and only work 3 days a week now, and I earn just under £700 a week for three days.
I work monday to wednesday and on Thursday and Friday I go out with one of their direct labour engineers and learn more about the repair side of the job.
I dont get paid for this, but as I don't do any private work, I'd only be say at home doing nothing if I wasn't out learning, and you can't really put a price on what I've learnt in the last few weeks. I'm using what I've learnt already and have earned more on the days I'd do work, so it's working out well for me.
BG are not everyone's cup of tea, but it may be worth you having a look at what they could offer you if they take on more contractors in the future.