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Boost for offshore industry Print E-mail
Tuesday, 25 March 2008

The multi-billion-dollar global offshore drilling industry is set to grow by 50 per cent, creating enormous opportunities for Scottish companies, according to the latest market intelligence report on the energy industry commissioned by Scottish Enterprise.

Researchers found there was more than $305bn-worth of planned investment over the 2007-11 period. Brian Nixon, director of the energy team at Scotland’s enterprise, innovation and investment agency, said: “There is excellent work being done in the sector and our companies are very well-regarded internationally for their highly-skilled staff and innovative techniques, products and services. They need to take their expertise to markets around the world if they want to expand.”

Market growth is not just a factor of increased drilling activity but also the move to deeper, more challenging environments. Increased offshore activity in the deepwater of West Africa and Latin America and the harsh conditions of the Arctic circle, will push technical expertise and expenditure in the near future.

The UK market looks set to decline after peaking in 2006 at around $5.3bn; however, it is expected that sustained high oil prices, coupled with prospects off the Shetlands and Ireland should maintain expenditure over 2002-04 levels at around $4.2bn.

The research is the latest in a series of market intelligence reports commissioned by the Scottish Enterprise energy team with the aim of driving growth in the sector in Scotland.

It came as companies were recognised in the Scottish Offshore Achievement Awards, organised by Scottish Enterprise. At a ceremony in Aberdeen last Thursday, the overall award was won by Subsea 7, one of the world’s leading subsea engineering and construction companies. The other winners were Petrowell, North Star Shipping, PSN, AMEC, Brinker Technology, Petrofac, MCS and Oilexco.
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Will Peakin
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Last Updated ( Tuesday, 25 March 2008 )
 
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