This week we attended Subsea Expo, a crucial and valuable event for the Subsea sector and the perfect platform to discuss the opportunities and challenges within the marketplace.
Under the theme of “New Perspectives” the event not only hosted a range of companies across the supply chain showcasing their latest products, cutting edge technologies and new innovations, but it also brought together a wide variety of disciplines across the subsea sector, encompassing oil & gas, renewables, defence, aquaculture, and subsea mining.
The total value of UK subsea output in the 2019 fiscal year has increased to almost £7.8billion from £7.5billion in 2017. (Source: UK Subsea Activity Review 2019, Subsea UK)
With the global subsea market on the rise, there was plenty of new perspectives for the industry to share and see how they can capitalise on emerging opportunities.
New perspectives around energy transition, contributing to the net-zero carbon emissions targets for the UK and digitalisation were all key talking points.
There are significant opportunities which exist, with the following themes coming through strong in discussions throughout the course of the event as key components in positioning businesses for success moving forward:
Supply Chain Efficiency
Volatility within the Oil & Gas sector over the last few years has made the supply chain more crucial than ever. Companies have been recalibrating to meet the needs of an energy market which has had to change. New thinking is therefore key to long-term growth. These companies are now more efficient, resilient and well placed to serve and operate on a global scale.
The best way of doing this is to create an environment that empowers your workforce, suppliers and clients to develop and grow a more efficient supply chain. Communicate effectively, train your workforce comprehensively, increase information sharing and nurture innovation through partnerships. Collaboration is key to maximising market supply chain effectiveness.
The UK has always had a strong presence internationally through its underwater engineering expertise with notable examples in regions such as West Africa, Scandinavia, the Gulf of Mexico, South America and South-east Asia utilising UK know-how and innovation to date.
With renewed interest and investment in large subsea developments around the world, this will provide growth potential for UK businesses with other regions such as India, China and Myanmar beginning to develop large-scale subsea projects along with the Middle East where the industry is moving towards ‘subsea to shore’ developments, on which UK companies can capitalise and add value.
The Emerging Blue Economy – A culture of minimal impact
The ‘Blue Economy’ is an emerging concept that encourages better stewardship of our ocean or ‘blue’ resources. The worldwide ocean economy is valued at around US$1.5 trillion per year. With an ever-increasing push for more sustainable use of ocean resources for economic growth, improved livelihoods, and jobs whilst preserving the health of the ocean ecosystem. (Source: thecommonwealth.org)
The Blue Economy represents a significant opportunity for the UK’s subsea industry due to the technical expertise, skilled workforce and operational excellence across all aspects of the subsea sector needed to make this a reality.
With the right support, companies can capitalise on these emerging opportunities and realise their ambitions for growth.
With a strong track-record, highly skilled workforce and a sector which is focussed on research, development and innovation there will be much greater emphasis placed on collaboration that delivers a strong route to market providing sustainable opportunities for growth.
At KURO we can help support you to take advantage of these opportunities.
Want to know how we can do this for you? Get in touch