Home: Issue 5 2009 › Buoyant prospects
02/05/2009 | Channel:
Subsea, Subsea UK
The chief executive of industry body, Subsea UK, is confident that UK subsea companies will continue to perform well despite the global downturn and fall in oil prices.
Speaking at the 9th annual Subsea Tieback Forum and Exhibition (SSTB) in Texas, Alistair Birnie said: "The up-beat attitude throughout the event demonstrates a continued confidence in the sector.Despite acknowledging the downturn, UK companies are doing good business with over £10 million of contracts being secured at the event already.
"There has been much talk about new deals - with a potential $50 million acquisition in the pipeline indicating confidence in the long-term investment in the subsea sector. Acergy announced that three of their key vessels are on their way to the Gulf of Mexico ready to start work that will boost further activity in this sector.
"The US is a key region for subsea companies because of its concentration of key operators and contractors working in the Gulf of Mexico. Production from deepwater areas of the Gulf of Mexico has been increasing rapidly, with deepwater wells now accounting for about two-thirds of total U.S. Gulf output and the region's reputation as a hub of global activity in the oil and gas sector makes it a real target for UK subsea companies."