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Global subsea market to double in five years – Subsea UK CEO

18th February 2013

Global subsea market will double over the next five years, Subsea UK CEO says, creating new opportunities in Brazil, Gulf of Mexico, West Africa and Australasia

Global subsea market to double in five years – Subsea UK CEO
The UK represents a third of the USD 40bn global subsea market share. Within that, the UK exports around 56.5 per cent to other parts of the world

The global subsea market is set to double in the next five years, Subsea UK CEO Neil Gordon told OGT in an exclusive interview at Subsea 2013 in Aberdeen.

“Looking ahead, the global market is set to double in the next five years,” he stated. “There are parts of the world, particularly key subsea areas like Brazil, Gulf of Mexico, West Africa and Australasia where there are some big developments and opportunities.

"In some of those new areas, major subsea construction and technological challenges arise in deepwater plays, mainly in Brazil and West Africa, where the big reservoirs and reserves are located, so that’s where the big risks but also the big opportunities lie,” Gordon said.

As a result, that it is a great and exciting time as the market is about to grow and move to this next stage, Gordon added, highlighting that the UK must consider how we it can continue growth as other parts in the world try to emulate the UK’s development in the subsea sector.

The UK represents a third of the global subsea market share, valued at a total of USD 40bn. Within that, the UK exports around 56.5 per cent to other parts of the world.