Subsea UK members are optimistic after a successful exhibition and conference in Texas at which industry experts and analysts agreed that the forecasts for the rest of 2010 and 2011 showed a definite return to market confidence.
More than 50 British companies, many of them small to medium firms, made up more than one-third of the exhibitors at the annual Subsea Tieback Forum in Galveston this week.
Subsea UK chief executive Alistair Birnie said: “The mood was very upbeat with the industry looking forward to new developments finally moving forward.
“There are good long-term prospects for the subsea sector globally but also in the Gulf of Mexico, which is a prime marketplace for UK expertise and experience.
“If the UK subsea sector is to maintain its position it must increase exports from £2.65billion at present to around £6.6billion annually. The Gulf of Mexico is a market of choice for our companies as it is well suited to our existing expertise and shared experience.”
Companies showcasing products and services included Acergy, Aker Solutions, BJ Process and Pipeline, BP Castrol Offshore, BEL Valves, BPP-Tech, Framo, Fugro, GE Oil and gas, Hydrasun, Infield, JP Kenny, MCS, Oceaneering, Rotech Subsea, Schlumberger Subsea, Subsea 7, Technip, Triton Group and UTEC Survey.
Maersk Oil North Sea UK has applied to the Department for Energy and Climate Change for consent to drill three infill wells to increase production from its Gryphon field, south-east of Shetland.
The field, 86.5% owned by Maersk and 13.5% by partner Sogitz, produces about 30,000 barrels of oil equivalent per day and has been in production since 1993. The new wells would be tied back subsea to existing infrastructure. A spokeswoman said the company was not yet in a position to say how much of an increase in production could be achieved.