Whilst growth figures for the overall economy of the UK continue to crop up in media headlines with regularity, the fact that the North Easts subsea industry has grown by 50% in three years and now generates annual revenues of £1.5 billion might not seem to be getting the amount of coverage it deserves.
However, considering that it now provides more than 15,000 jobs in the region, and with 5,000 of those positions having being added in the last three years, the success of the subsea industry is finally gaining recognition for the part it is playing in the overall resurgence of the UKs fuel production industry.
Energy minister Michael Fallon recently commented on what a Great British success story the subsea sector is.
The subsea sector has translated incredible feats of engineering and construction into market-beating performance, he explained. World-class expertise and cutting edge technology has created a British industry worth £8.9 billion that supports 66,000 jobs and leads the global stage. The subsea sector has earned the substantial praise it deserves the figures in this report are truly impressive.
A major player in the field is Subsea UK and their chief executive Neil Gordon (pictured) stated that the subsea industry is the hidden gem of the UK economy when he unveiled the latest figures which show revenues have grown 50% to almost £9bn in the last three years.
The importance of sustained growth
Mr. Gordon explained the national and global impact when he explained: These findings are further proof of the success, dynamism and sustained growth potential of subsea. Not only has our sector outperformed any other in the UK, it has improved its global position and now dominates with an impressive 45% of the global market, despite a faltering economic climate.
The role of companies involved in subsea production has become increasingly important to international interests in recent years, as extracting the worlds remaining fuel reserves via these methods begins to rival traditional offshore production.
Already almost 45% of United Kingdom continental shelf production comes from subsea wells as new technologies that can handle higher pressure and higher temperatures become more effective and economical.Find out how Mirage Machines can help your subsea operations. Contact us today.