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UK subsea sector to grow 20 per cent in 2013 – Subsea UK

11th February 2013

UK subsea companies see 20-50 per cent expansion in 2013 driven by high oil prices and global demand, Subsea UK survey says

UK subsea sector to grow 20 per cent in 2013 – Subsea UK
Subsea CEO Neil Gordon said that subsea is the unrecognised jewel in the crown of the UK industry

Britain's subsea companies are set to grow by at least 20 per cent in 2013, with some companies even expected to see a 50 per cent expansion, a new study by Subsea UK says.

The survey conducted among Subsea UK members showed that all firms are anticipating substantial growth over the next year, while nearly half of the companies are expected to expand by 30 per cent and a third by more than 50 per cent.

In 2012, approximately 90 per cent of the companies surveyed had a rise in profits, while more than half reported growth of 20 per cent and a fifth more than 50 per cent, in an industry that generates nearly USD 9.43 bn in revenues and supports more than 50,000 jobs, according to Subsea UK.

Sustained high oil prices, an increase in global demand and the introduction of new technology and innovation will be the main drivers of growth going forward, the survey also stated. Inspection, repair and maintenance as well as integrity were identified as some of the most important areas of focus for the sector.

Subsea UK CEO Neil Gordon said that subsea is the unrecognised jewel in the crown of the UK industry.

"The sector is one of, if not the, fastest growing in the country and these findings will come as no surprise to the oil and gas industry as a whole," Gordon added.