Subsea companies across the UK are set to grow by 20% or more in 2013, with some companies anticipating more than 50% growth. During last February a survey of Subsea UK members revealed that 100% of firms are predicting significant growth in the next 12 months. Almost half expect to grow by 30% and a third by more than 50%. Almost 90% of those surveyed saw turnover and profits rise in 2012 with over half reporting growth of 20% and a fifth reporting more than 50% growth.
The key drivers for growth identified were:
- a sustained high oil price
- an increase in global demand
- the introduction of new technology and innovation which are leading to more developments becoming viable
The fastest growing segments in subsea are:
- inspection
- repair and maintenance
- integrity and reliability
- decommissioning
- offshore wind
The biggest challenge facing the sector is recruiting and retaining skilled people with 88% citing this as their foremost constraint.
Other challenges reported by 15% or more respondents were:
- access to finance and working capital in particular
- finding suitable premises
- controlling costs and managing growth
Around 80% felt that the UK was still the world-leader in subsea but 12% warned that competition was becoming increasingly fierce and other countries like Norway and the United States were challenging that position.
The main international markets for UK subsea companies are:
Respondents were asked to rank their overseas markets in respect of priority, thus the following order was revealed:
- Norway (25%)
- US (24%)
- Brazil (20%)
- UK North Sea (<12%)
Source: Subsea UK
Officer of the Watch 
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