According to Salary.com, the average annual salary for contract administrators was approximately $52,000. However, this includes entry-level positions. Some higher level jobs, such as senior contract engineer or manager can earn between $96,000 to $100,000 per year. In addition, most employees receive very good benefits such as health insurance, paid vacation and holidays, and dental and vision insurance. Keep in mind, too, that jobs in the oil industry often pay more than comparable positions in other industries.