The oil and gas supply chain has a golden opportunity to capitalise on the growing marine power sector, which is forecast to be worth up to £76billion globally by 2050.
Bosses at economic development body Opportunity North East (ONE) said the expertise suppliers have built up over the last 40 years can be transferred to support the development of wave and tidal power technologies.
Trevor Garlick, chairman of ONE’s oil and gas sector board, said small- to medium-sized enterprises in particular had an exciting chance to strike up early relationships with the emerging sector, which has had £450million spent on it in the UK so far.
ONE was launched in late 2015 to drive growth and create a balanced, resilient economic base in the north-east.
Its priorities include keeping the oil and gas supply chain − and the jobs, skills and investment that go with it − anchored in the region.
Former BP boss Trevor Garlick, who is now chairman of ONE’s oil and gas sector board, said: “Anchoring the oil and gas supply chain in this region for the long term is a strategic priority for ONE and diversification into adjacent sectors will help to achieve this.
“The supply chain has developed over 40 years in the North Sea and has the knowledge, experience and products that can support the development of the wave and tidal power sector.
“There is an exciting opportunity here, especially for our SMEs, to engage with this emerging sector and to win new work through developing relationships at an early stage.”
ONE and the Ocean Power Innovation Network (Opin) have organised an event at which suppliers can meet wave and tidal companies to discuss opportunities for collaboration.
The ONE and Opin oil and gas supply chain diversification workshop takes place at the Norwood Hall Hotel in Aberdeen on Wednesday 14 June.
It is free to attend and runs from 9am to 4:30pm.
