Subsea Sector Still Supports Around 45,000 Jobs in UK

The subsea sector still supports around 45,000 jobs in the UK, despite the recent downturn in oil and gas, according to Subsea UK’s latest business activity review. The subsea sector still supports around 45,000 jobs in the UK, despite the recent downturn in oil and gas, according to Subsea UK’s latest business activity review. The oil price crash, and subsequent downturn, led to the deferral or cancellation of major subsea projects, particularly in deepwater, and cost around 8,000 jobs, Subsea UK Chief Executive Neil Gordon said in an organization statement. “However, the subsea sector appears to have weathered the storm by increasing exports and diversifying, particularly into offshore wind, where the skills and technology are eminently transferable,” Gordon said. Subsea UK’s latest review revealed that the industry is generating annual revenues of $10 billion (GBP 7.5 billion), compared to $11.9 billion (GBP 8.9billion) in 2014. Exports account for over […]

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