UK subsea sector shows growth

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BRITAIN’S subsea industry is now worth £8.9 billion, representing a 45 per cent share of the £20bn global market.

A survey from Subsea UK showed that 16,000 jobs have been created since 2010, bringing the total number supported by the industry to 66,000. The findings of the survey suggest the sector could grow to be worth £11.1bn by 2016.

Neil Gordon, chief executive of Subsea UK, said: “These findings are further proof of the success, dynamism and sustained growth potential of subsea. Not only has our sector out-performed any other in the UK, it has improved its global position despite a faltering economic climate.

“The increase in activity in the North Sea has played a major factor in this continued growth but exports remain high, accounting for 43 per cent of total revenues.”