Wealth of Global Opportunities for UK Subsea Sector
28 August 2012
Norwegian subsea export opportunities are predicted to increase significantly over the next 12 months for UK companies is the key message for Subsea UK at this week’s ONS conference in Stavanger.
Following a survey of members, the industry body found that 80% of respondents expected exports to Norway to increase over the next 12 months as a direct result of an increase in deepwater developments.
Neil Gordon, chief executive of Subsea UK, said: "Norway is clearly seen as a successful market with a wealth of opportunities for UK subsea companies, particularly over the coming year."With recent deepwater discoveries, such as the Johan Sverdrup field, the Norwegian CS is a growing sector in which British companies are increasingly playing a part, it is therefore important that we continue to build strong business relationships in order to drive forward industry development.”
An ONS trade reception hosted by UK Trade & Investment (UKTI) on Thursday (30 August), supported by Subsea UK, will outline the wealth of investment opportunities available to UK companies in Norway and wider international markets.
"With the North Sea recognised as a test-bed for cutting-edge technologies and expert solutions, mutually beneficial collaboration and partnerships are essential for UK companies in this expanding deepwater market.
"ONS provides the perfect opportunity to showcase the UK subsea capabilities and there is significant potential for our expertise to be utilised in the Norwegian subsea industry,” added Mr Gordon.
The UKTI Trade reception will also be supported by Offshore Media Group, Scottish Development International and the EIC.
Subsea UK is the industry body and focal point for the entire British subsea industry and aims to increase business opportunities at home and abroad for the sector. We act for the whole supply chain bringing together operators, contractors, suppliers and people in the industry. Subsea UK was established by the industry and acts on behalf of the industry.
With £6 billion of revenues, the UK subsea sector is worth a third of global market share, and employs over 50,000 people. UKCS is estimated at about 30 – 40% of subsea production with projections showing this rising to 70% as recovery from the North Sea is maximised; an unprecedented rate of growth.
