Posted on 06.01.2006 - 08:15 EST in OFFSHORE NEWS by Rons_ROV_Links
David Pridden, chief executive of Subsea UK, said the research backs up the belief that the subsea sector will become increasingly important for producing oil and gas reserves in future.
He said: “This will be increasingly achieved through subsea systems - almost 40% of UKCS oil production now comes from subsea wells. Global production from subsea wells is also set to grow rapidly and the requirement for subsea technology and services in the marine renewable sector will dramatically increase over the next 10 years as well.”
He went on: “The subsea sector is therefore of paramount importance to the UK and fortunately it is one in which we lead the world.”
Based on the research, Pridden said the subsea sector is forecast to more than treble in value from US $5 billion to $18 billion per annum in the next four years.
Annual turnover of the companies in the survey ranged from £100,000 to more than £200 million, with average turnover of £21.1 million. The study also looked at capital and operating expenditure in the subsea sector, and it was noted that upstream operators spent around £1.25 billion on subsea activities on the UKCS in 2004 and of the $4.5 billion revenue generated by UK companies in 2004; approximately 50% was from exports.
January 6, 2005