ABERDEEN, UK – Subsea UK is looking to establish a regional hub in the south of England that will bring together businesses across the subsea supply chain to identify opportunities and debate the challenges facing the sector which supports around 55,000 jobs and generates £9 billion ($14 billion) to the UK economy.
There is a growing number of businesses in the region that are involved in the fast-growing sector which is focused on underwater activity in relation to oil and gas, defense, oceanology, and marine renewables.
Neil Gordon, CEO of Subsea UK, said: “The south of England is home to a huge amount of innovation and expertise, particularly in the areas of oil and gas. As an organization covering the whole of the UK, we want to extend our support to these companies exploit the potential to increase business at home and abroad, in what is a challenging time for the industry due to the drop in oil price.
“Oil and gas is by far and away the largest market for subsea companies but the sharp decline in commodity price is having an impact. Collaboration and driving efficiencies through new technology are critical in the current climate and the subsea sector must rise to the challenge of working together to discover and develop new solutions that will increase production and recovery of hydrocarbon reserves at lower cost.”