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Energy Minister to Attend Subsea UKs Parliamentary Reception at the House of Commons

20th May 2008

20 May 2008

Minister for Energy, Malcolm Wicks, is set to speak at Subsea UKs first Parliamentary Reception on the Pavilion Terrace at the House of Commons on the 3rd June 2008.

The reception will be hosted by Frank Doran MP on behalf of Subsea UK and will welcome MPs, Peers and key industry leaders to presentations highlighting the overall scale of the UKs subsea industry, its impact upon the UK national economy and the technologies and companies involved across the UK Key industry statistics will be presented which will show that within the UK, this technology driven, manufacturing and service based industry had annualised revenues last year of £4.5bn of which 50% were from exports, employed 40,000 people and grew by just under 30%. The figures reflect a strong domestic industry but, more importantly, a rapidly developing international market as the oil and gas industry seeks to exploit more hostile offshore environments and deeper waters. The global market is considered to be in excess of £20bn and is set to grow to in excess of £40bn.

Sponsored by Expro, First Subsea, Trelleborg and Wellstream, the event is by invitation only with the organisers expecting over 100 guests, of which 50 will come from the industry.

Subsea UK Chief Executive, David Pridden, says: Over the last four years, we have made considerable progress in informing politicians from all parties of the scale of our industry and its prospects. This event clearly demonstrates the role this industry plays today in the energy sector in the UK as well as the future role we will play in the marine renewables and carbon sequestration industries. In time, technologies and skills developed for the oil and gas sector will translate into and underpin these important, exciting growth industries."