Uchenna Izundu
International Editor
LONDON, Feb. 15 The UK subsea oil and gas sector has grown by almost 30% in value to £4.3 billion in 2007, according to industry association Subsea UK.
"The year-on-year growth rate of 29% exceeds market expectations, with further increases expected for 2007-08," Subsea UK said.
Exports, an important element for companies involved in the subsea sector, constitute 50% of revenues and are expected to grow dramatically compared with the domestic market. Exports have risen by 26%, increasing at a rate similar to market growth.
But the UK risks losing its global leadership position because companies are finding it challenging to find qualified engineers and rapidly deliver new technology to the market, Subsea UK said.
Industry collaboration with the support of government and academia is vital to developing skilled people and an effective technology program.
Subsea UK's Chief Executive David Pridden said: "The UK still remains an attractive market for most players, with potential for continued high levels of activity. However most of the bigger companies are focusing on developing work streams and key projects in areas such as West Africa, North Africa, [and] Asia Pacific, as well as Australia, Brazil, and the Gulf of Mexico.
Contact Uchenna Izundu at [email protected].
