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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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Last Updated ( Tuesday, 25 March 2008 )
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