Subsea UK predicts further growth for offshore industry

Industry association Subsea UK says Britain’s subsea industry generates turnover of £8.9 billion ($13.6 billion), and claims that it has 45% of the £20-billion ($30.7-billion) global market.

Offshore staff

ABERDEEN, UK – Industry association Subsea UK says Britain’s subsea industry generates turnover of £8.9 billion ($13.6 billion), and claims that it has 45% of the £20-billion ($30.7-billion) global market.

This follows a survey of over 750 companies throughout the supply chain in the UK. Since 2010, the sector has created 16,000 new jobs, lifting the total employed to 66,000. That figure comprises 53,000 directly employed in the subsea industry and 13,000 in jobs indirectly supporting the sector.

Of the direct subsea workforce, 48% are in services including engineering, construction and diving, with manufacturing accounting for 19% of the 53,000 (direct) jobs.

Almost half the respondents expected to grow by over 20% over the next three years with 28% predicting 10-20% growth. If these forecasts prove, the sector could grow to £11.1 billion ($16.9 billion) by 2016.

Neil Gordon, chief executive of Subsea UK, said almost 45% of production on UK offshore field comes from subsea wells.

Main export markets for UK subsea companies at present are Europe, in particular Norway, West Africa, North America, and Asia. Future export growth should come mainly from South America, Asia, and North America.

7/4/2013

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