Subsea UK Urges Companies to Explore Overseas Opportunities
- Business & Finance
Subsea UK is urging companies to strengthen trade partnerships across the globe, exporting the country’s subsea expertise to increase the sector’s international capabilities, reputation and share of the global market.
With UK subsea exports valued at almost £4 billion, Subsea UK is encouraging British firms to target international expansion to sustain long term growth.
At this year’s Subsea Expo, the Department for International Trade (DIT) will be hosting one-to-one meetings with in-country experts in a bid to match UK expertise with demand from key oil and gas provinces, including Azerbaijan, India, Brazil, Mexico, Mozambique, Nigeria, Norway, Senegal, Tanzania and the US.
Subsea UK’s latest business activity review revealed around 80% of large companies are expecting to grow exports in the next three years, with a third expecting export sales to increase by between 10% and 20% and a fifth by over 20%.
Meanwhile, 65% of SMEs believe they will increase exports, with the majority anticipating growth of between 10% and 20% and over a fifth anticipating more than 20% growth in international sales, Subsea UK explained.
Neil Gordon, chief executive of Subsea UK said: “This is a rare opportunity for UK firms to connect with key DIT officials from around the globe as well as meet international subsea companies and contractors to discuss global business opportunities.
“As our recent business activity review showed, the UK subsea sector appears to have weathered the storm of the downturn by increasing exports and moving into the offshore renewables space. We have been leaders in subsea for decades and we must continue to take this expertise to the markets that hold the most potential and who are actively seeking what we can offer.”