Subsea UK Members Optimistic about Industry Growth
Subsea UK members are optimistic after a successful exhibition and conference in Texas at which industry experts and analysts agreed that the forecasts for the rest of 2010 and 2011 showed a definite return to market confidence.
Over 50 British companies, many of whom are small to medium sized companies, made up more than a third of the firms who were showcasing their products and services at the annual Subsea Tieback Forum in Galveston this week.
Speaking from Galveston, Subsea UK chief executive Alistair Birnie said, "The mood here was very upbeat with the industry looking forward to new developments finally moving forward. There are good long-term prospects for the subsea sector globally but also in the Gulf of Mexico which is a prime marketplace for UK expertise and experience. The technology and capability developed and in development by our member companies will be key to unlocking the significant prize underneath the deep waters of the Gulf.
"If the UK subsea sector is to maintain its position it must increase exports from $4 billion at present to around $10 billion. The Gulf of Mexico is a market of choice for our companies as it is well suited to our existing expertise and shared experience.
"However, we have to build on our successes and plough the depths of our skills and knowledge base to deliver on the next generation projects in this region."
The Subsea Tieback Forum addressed new operational issues, challenges, and solutions associated with expanding global deepwater subsea operations. The technical issues on the agenda included high pressure / high temperature wells, reliability, field architecture, flow assurance, pipeline repair and intervention.
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