Subsea companies across the UK are set to grow by 20% or more in 2013, with some companies anticipating more than 50% growth. A survey of Subsea UK members revealed that 100% of firms are predicting significant growth in the next 12 months. Almost half expect to grow by 30% and a third by more than 50%. Almost 90% of those surveyed saw turnover and profits rise in 2012 with over half reporting growth of 20% and a fifth reporting more than 50% growth. The key drivers for growth were identified as a sustained high oil price, an increase in global demand and the introduction of new technology and innovation which are leading to more developments becoming viable.
The fastest growing segments in subsea are inspection, repair and maintenance, integrity and reliability, decommissioning and offshore wind. Mr. Neil Gordon, Chief Executive of Subsea UK unveiled the findings at Subsea 2013, Europe’s largest subsea conference and exhibition. Commenting on the survey, he said “Subsea continues to be the unrecognised jewel in the crown of British 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 whole. Several respondents anticipate growing by over 75% in 2013 and many of our small, entrepreneurial companies focused on niche products and services are set to double or treble in size.”
