The sharp decline in crude prices and the subsequent volatility has meant that it’s been an onerous two years for oil producers, a period marked with budget cuts. The situation for the offshore side of the business has been far more severe. Once hailed as the bulwark from peak oil, the massive costs associated with its development in the face of low margins have made it increasingly difficult for companies to commit investments in recent times.
M² Subsea has secured its first contract award which is valued in excess of GBP 1M. The project will see the firm supplying the Go Electra vessel, ROVs and personnel to support survey work on the world’s longest subsea pipeline system.
The UK Secretary of State for energy and climate change has hailed subsea services company ROVOP as “a leading specialist in its field” and one which is ensuring that the country remains at the global vanguard of the energy industry.
Subsea companies across the UK are set to grow by 20% or more in 2013, with some companies anticipating more than 50% growth.