Technology and global opportunities were the focus of day two at Subsea Expo and there was something for all 2,500 visitors.
A technology spotlight alongside a host of insightful sessions on integrity management, pipelines, ROV inspection and field development ensured that the various conference rooms were filled.
The ingenuity and inventiveness, for which we are renowned, was on clear display in both the technical sessions and the exhibition hall and the overall feeling was that the industry is becoming more receptive to new technology and eager to test new, innovative solutions to the challenges of both greenfield and brownfield developments.
The technology landscape is still somewhat fragmented, but all the key players, such as our own technology arm – NSRI, OGIC, CENSIS, ITF and Innovate UK were involved in some or part of today’s proceedings. Last week’s announcement of funding for the City Region Deal, with a major slice of the pie allocated to innovation and the Oil & Gas Technology Centre in particular was welcomed.
Infield unveiled the findings of their latest report into global subsea activity. As anticipated, we can basically write off 2016 as a very bad year globally but there is a more promising outlook from 2017. The market is looking much stronger in deepwater activity in the mid-term with major opportunities, particularly in front-end engineering, in the Gulf of Mexico and West Africa. The reforms in the Mexican market do not seem to have gone far enough and, while Mexico still holds potential, we may have a longer waiting game. Meanwhile Asia and the Australian region are still emerging and should see a combined marketshare growth over the next five years.
UKTI’s programme of one-to-one meetings, matching UK expertise with demand from regions including Africa, Australia, Brazil and Mexico, were in high demand, reflecting the sector’s appetite to diversify into new markets to off-set the reduced activity in the UKCS and other provinces.
Interest in the UK’s subsea expertise and technology was strong and our international delegates got a real sense of what our sector can bring to their markets. The show attracted sizeable delegations in the form of inward missions from the major subsea hubs around the world as well as individual international visitors.
Once again, despite the backdrop of a much lower oil price, the mood at the show continued to be more optimistic than pessimistic. Exhibition stands were bustling and while there may be less deals being done due to reduced activity and lack of visibility for many, there were encouraging, grown-up conversations about how we make the changes needed to drive the industry forward.
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