Subsea sector remains buoyant despite downturnNews // March 6, 2009
The chief executive of industry body, Subsea UK, is confident that UK subsea companies will continue to perform well despite the global downturn and fall in oil price.
Speaking at the 9th annual Subsea Tieback Forum and Exhibition (SSTB) in Texas, Alistair Birnie said: “The up-beat attitude throughout the event demonstrates a continued confidence in the sector. Despite acknowledging the downturn, UK companies are doing good business with over £10 million of contracts being secured at the event already."
“There has been much talk about new deals – with a potential US$50 million acquisition in the pipeline indicating confidence in the long-term investment in the subsea sector. Acergy announced that three of their key vessels are on their way to the Gullf of Mexico ready to start work which will boost further activity in this sector."
“The US is a key region for subsea companies because of its concentration of key operators and contractors working in the Gulf of Mexico. Production from deepwater areas of the Gulf of Mexico has been increasing rapidly, with deepwater wells now accounting for about two-thirds of total US Gulf output and the region’s reputation as a hub of global activity in the oil and gas sector makes it a real target for UK subsea companies.”
A delegation of 14 UK subsea companies attended the two day exhibition and seminar in San Antonio under the Subsea UK banner.
The businesses taking part in the exhibition – The Deepest Show on Earth – are all members of Subsea UK, the self-sustaining organisation formed to harness the UK expertise in the subsea sector which employs around 42,000 in the UK and contributes approximately £2billion to the economy. They are: Optical Metrology Services Ltd (OMS), Self Energising Coupling Company (SECC), SMD, BPP-TECH, DES Operations, Nautronix, BEL Valves, UTEC Survey, GE Sensing, First Subsea, Dunlaw Engineering, Aquanos and Atkins Boreas.