A new subsea engineering action plan has been launched to help Scottish companies capture a bigger slice of the current £50 billion global subsea market.
It was revealed as Scottish Business, Innovation and Energy Minister Paul Wheelhouse, visited Aberdeen oil and gas firm Enpro Subsea to announce a £1.5 million investment to support innovation, a key theme of the plan.
Scotland accounts for around 14% of the global subsea market, with around 370 companies generating an estimated turnover of £7.5bn.
With investment and support, Scotland’s skills and knowledge in subsea engineering have the potential to be extended from oil and gas into such sectors as construction and defence.
Increasing business innovation, research and testing infrastructure will also be a key factor of the plan’s success.
Enpro Subsea Ltd is to invest £1.5m in a research and development project to improve production, by maximising recovery from existing subsea wells and reduce costs for operating companies.
Scottish Enterprise’s £755,000 grant – its first for Enpro – will help the company design, develop and test new technology adding to its range of products.
Paul Wheelhouse, said: “Scotland is recognised internationally as the centre of excellence in the subsea sector.
“Scottish companies such as Enpro Subsea Ltd are already securing very significant value in this sector, and I hope that the additional funding further strengthens their prospects.”
He added: “The plan aims for the Scottish supply chain to capture an even larger slice of the global subsea market, generating even more jobs and economic growth for Scotland and, crucially, to increase the strength and capability of the industry.”
David Rennie, Scottish Enterprise international sector head for oil and gas, said: “With 2,000 of the 5,000 global subsea wells in the North Sea, Scotland is world-renowned for its skills and expertise in subsea engineering.
“This experience and reputation is the basis for this action plan.
“We want to build and maintain what we already have, develop new markets and new opportunities including in other sectors, and ensure we have the infrastructure we need to remain a world leader in subsea.”
