Norway’s increase in oil developments could mean a boom for UK subsea businesses in the next 12 months.
That’s according to the nation’s industry body, Subsea UK, which found around 80% of its members expected Norwegian subsea exports to rise as a result of an increase in deepwater developments.
Neil Gordon, Chief Executive of the company said: “Norway is clearly seen as a successful market with a wealth of opportunities for UK subsea companies, particularly over the coming year.
“With recent deepwater discoveries, such as the Johan Sverdrup field, the Norwegian CS (Continental Shelf) is a growing sector in which British companies are increasingly playing a part, it is therefore important that we continue to build strong business relationships in order to drive forward industry development.”
The UK Continental Shelf is estimated at around 30-40% of subsea production, which could rise to 70% as recovery from the North Sea increases.