Subsea industries booming
Subsea industries in the region are flourishing, and should expect to see a 29 percent increase in turnover in the next two years.
Subsea North East represents around 50 businesses in this sector in the region, and research conducted by the organisation shows that many of these companies have profited from the renewable energy and communications markets.
This sector is a big player in the regions economy, generating an annual turnover of £1billion each year and supporting more than 10,000 jobs.
Many of these businesses specialise in oil and gas, and the experience they have amassed through these operations have placed them in advantageous position in the establishment of offshore wind farms.
Global demand for telecoms operations has also benefited the North East subsea sector, as it is estimated that 95% of the planets Internet traffic travels through subsea cables. Average figures indicate that exports account for 25 percent of business operations in the North East subsea sector.
Andrew Hodgson, Chairman of Subsea North East said: “This study reveals the confidence in the future that exists in the North East subsea sector and the positive impact its companies have on the region’s economy.
“Despite the UK government’s windfall tax on the oil & gas industry, investments are still being made worldwide, which require the expertise and innovative products developed in this region.”
Esson, Managing Director of ContiTech Beattie, the Ashington-based seller of high pressure hoses to the North Sea oil and gas sector, said: “The growth of the subsea sector in the UK and overseas continues to generate new opportunities for ContiTech Beattie, which has contributed to doubling our turnover in the last five years.
“We are part of a sector that has an excellent engineering pedigree, which stems from creating technologies that can successfully operate in the harsh environments in the North Sea. Along with other businesses in the sector, we are transferring that experience into other subsea environments around the world.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .