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Monday, November 18, 2019

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The crossroads of the UK subsea industry

Posted to On the waterfront (by on September 3, 2009

The upcoming Offshore Europe symposium is keen to gather expert opinions to help ensure that the UK takes a valuable slice of the growing subsea market

It is clear that the European subsea market is at a crossroads. As all forms of energy are being closely looked at to understand their long-term profitability and practicality, the underwater oil and gas provision across the UK is no exception. 

The UK subsea industry is a major employer and contributor to the economy, with a 40,000 workforce and annual revenue of £4.5 billion. With expectations that the global subsea sector will increase to over £40 billion by 2012, the UK is keen to ensure that it takes a valuable, meaningful share of this growing and highly visible business. 

The up-coming Offshore Europe symposium, to be held in Aberdeen from the 8th to the 12th of September, is dedicated to addressing these issues. A number of industry major players will gather to discuss their problems and concerns, especially those which relate to the long-term potential of gaining market share. 

In preparation of the future of high-value exploration and production of oil and gas, Offshore Europe is inviting experts in the fields of renewable energy, subsea engineering and emerging markets to share their knowledge with the oil companies and independent operators that need to stay ahead of the global game. 

The CEO of Subsea UK, the representative body for the industry, pointed out, “Exports are not for the first time extending beyond 50% of revenues for the UK subsea market and they’re continuing to grow. Subsea will remain the most buoyant marketplace for the oil and gas industry over the course of the next five years, so ensuring that emerging markets know that they can turn to the UK for world-leading advice is absolutely vital.”