EPC Offshore won the 'Subsea Company of the Year' title at the Subsea UK Awards this week, the industry organization announced Thursday. Meanwhile, a survey by Subsea UK revealed that 100 percent of firms are predicting "significant growth" during the next 12 months.
Subsea UK said that subsea companies are set to grow by 20 percent or more in 2013, with some companies anticipating 50-percent growth. Almost 90 percent of firms surveyed saw turnover and profits increase in 2012, with more than half reporting growth of 20 percent and a fifth reporting more than 50 percent growth.
Key drivers for growth were identified by Subsea UK as a sustained high oil price, an increase in global demand and the introduction of new technology leading to more developments becoming viable. The fastest growing segments in subsea are inspection, repair and maintenance, integrity and reliability, decommissioning and offshore wind.
The organization's annual awards, held by Subsea UK in Aberdeen, Scotland, Wednesday night saw local company EPC win the top honor on account of it achieving rapid growth since it was established in 2009. EPC has executed in excess of $32 million worth of project management work in the past year and won a significant contract to select the optimum concept for the development of Hurricane's Lancaster field – one of the most significant oil discoveries in the West of Shetland in recent years.
Other awards were won by Wood Group (Emerging Talent award), Subsea Technologies Limited (New Enterprise award), CDL (Innovation and Technology award), JDL Cable Systems (Global Exports award) and Hydratight (Safety Leadership award).
This year's Outstanding Contribution award went to Nautronix CEO Mark Patterson. Commenting on Patterson's award, Subsea UK Chief Executive Neil Gordon said:
"Mark is a well-recognised and well-respected figure within the subsea industry and his award is thoroughly deserved. Not only has he contributed significantly to the industry over the course of his career, he has been responsible for making Nautronix synonymous with cutting-edge, through-water technology that is unrivalled. Mark has overseen Nautronix's ambitious expansion plans to great success and has worked hard to position the firm as the leader in its field."
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