North-east subsea sector to make waves
Feb 12 2010 by Kelley Price, Evening Gazette
A NORTH-EAST energy sector body has predicted an upturn for the region’s subsea sector, amid warnings by UK business leaders of painful hikes in the cost of living caused by oil price surges.
George Rafferty, chief executive of NOF Energy, said new projects were due to come online, including exploration in the deepest waters yet to target untapped oil and gas frontiers.
He made his comments yesterday at Subsea 2010 - a key conference that saw delegates and exhibitors from the North-east’s supply chain showcase their work at Aberdeen’s Exhibition and Conference Centre.
“We are at the point of an upturn in the sector,” said Mr Rafferty. “Things are beginning to pick up and projects should materialise in the second half of this year.
“There is a degree of optimism at the exhibition this year that was not there last year, due to the recession.
“The North-east cluster of companies involved in subsea are very well placed to capitalise on that.
“We are also seeing a move into the renewables markets, including offshore wind. Businesses involved in subsea who have been focused on oil and gas are beginning to wake up to offshore wind opportunities - they can really benefit from this technology.
“Without a doubt, the North-east has had a chance to showcase what it can offer. The UK’s subsea sector leads the world in many regards and there are now global opportunities to go into deeper waters.”
