UK businesses are being encouraged to expand internationally to support the North Sea industry growth.
Industry body Subsea UK has urged companies to establish overseas links to generate new business and support the government’s plan to increase British exports to £1 trillion by 2020.
It has arranged several events, one with the government’s export credit agency UK Export Finance, to help firms overcome the financial challenges involved in selling overseas with government backed guarantees and insurance.
Neil Gordon, Chief Executive of Subsea UK said: “With the maturity of the North Sea, coupled with the challenges the industry is currently facing as a result of the continued deterioration in oil price, means that firms must look further afield to grow the UK subsea industry’s international capabilities and reputation.
“With new markets come new opportunities for growth, diversification, and innovation. Companies must extend their global reach to spread risk and win new business.
“Exporting can help businesses grow and grow fast. The statistics show that in the first two years of exporting alone, a business can grow by up to one-third, bringing more jobs and boosting profits.”