Scottish Enterprise targets growth in subsea market

Offshore staff

ABERDEEN, UKScottish Enterprise has devised a new Subsea Engineering Action Plan to help Scottish companies increase their share of the £50-billion ($62-billion) global subsea market.

Currently around 370 Scottish suppliers and contractors generate turnover of £7.5 billion ($9.2 billion) in the subsea industry, around 14% of the total market.

Scottish Enterprise aims to raise that figure through increased business innovation, research and testing infrastructure, supported by Scotland’s economic development agencies.

One Aberdeen-based company, Enpro Subsea, plans to invest £1.5million ($1.84 million) in a new R&D project to maximize economic recovery from existing subsea wells and in turn reduce costs for the operating companies.

Scottish Enterprise’s £755,000 ($926,000) R&D grant toward the project should help Enpro design, develop and test new technology adding to its Enhanced Subsea Sampling and Injection (ESSI) range of products.

David Rennie, international sector head for oil and gas at Scottish Enterprise, said: “With 2,000 of the 5,000 global subsea wells in the North Sea, Scotland is world-renowned for its skills and expertise in subsea engineering…We want to build and maintain what we already have, develop new markets and new opportunities, including in other sectors…” 

Managing director of Enpro Subsea Ian Donald, said: “This funding has given Enpro the confidence to continue our product development for local and export markets. This assistance from Scottish Enterprise will enable Enpro to develop the next generation of subsea enhanced production intervention equipment to increase oil recovery and address emerging markets in deeper waters.”

01/20/2017

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...

Predict, Prescribe, Profit: Creating a World that Doesn't Break Down

What are you doing to reduce unplanned downtime at your plant? Equipment breakdowns and process i...