Workers at the Sullom Voe terminal in Shetland have suspended strike action which was due to start next week.
Unite union members voted earlier this month in favour of taking industrial action over a disagreement about terms and conditions.
Unite said the decision to suspend the action followed a new improved offer from employers, EnQuest.
The union said it would now consult its members on the offer with the ballot closing on 3 April.
On Thursday, EnQuest announced swingeing cuts to its operational and capital spending in the North Sea.
With the price of oil now trading in the mid-$20 range, the company wants to limit operational spending to $15 per barrel produced.
It also said it would not restart two North Sea fields it has been developing.