THE UK’s booming subsea industry must prepare for choppier waters, a champion of the multibillion-pound sector has said.
David Pridden, the chief executive of industry body Subsea UK, said yesterday that companies must be aware of basic supply and demand issues that were likely to present challenges.
Mr Pridden was speaking as Subsea UK launched its annual search for the sector’s leading lights.
The UK’s subsea industry employs more than 40,000 people and has an estimated £4.9billion share of a £13.6billion global market.
Growth of 25% has been seen in the each of the past two years from the UK firms, which export 50% of their products and services.
The success of the industry is to be celebrated at the inaugural Subsea Europe Exhibition and Conference in London on Thursday, October 30.
Mr Pridden said: “We have a fantastic subsea industry in the UK. We’re the world leader, but we must prepare for all potential problems to ensure we remain in front.”
Subsea UK and its members are tackling a developing manpower problem, while increased costs and a shortage of drilling rigs are pushing up exploration expenditure for oil and gas firms.
Nominations are now being accepted for the 2009 Subsea UK Business Awards, which celebrate excellence and achievement across the fast-growing sector in categories for individuals and organisations.
More than 700 people are expected to attend the awards ceremony at Aberdeen Exhibition and Conference Centre on February 11. It coincides with Europe’s biggest annual subsea gathering, Subsea 09.
Subsea UK chairman Bill Edgar said: “Now in their third year, the awards aim to highlight the achievements of the individuals and companies who have not only helped shape the industry’s past but will be a vital part of driving forward its future.”
The deadline for nominations is December 5; details of the criteria for each award and how to enter can be found at www.subseauk.org
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