‘Subsea success is the hidden gem of UK’s economy’

Research has shown revenues in the UK subsea industry have grown 50% to almost £9bn in the last three years.

A study, conducted by Subsea UK, into activity in the UK subsea sector outlined the huge success of the industry, leaving Subsea UK’s chief executive, Neil Gordon, to declare that subsea is the “hidden gem of the UK economy”.

Mr Gordon’s statement is heavily backed by Subsea UK’s figures outlining a booming sector that has grown from 6bn in 2010 to 8.9bn now. The activity review shows the UK now dominates the global stage with 45% of the 20bn worldwide subsea market.

Mr Gordon continued: “The sector currently employs 66,000 people in the UK and we expect that number of people to double in the next 10 years. The subsea industry is global, and we need to attract new people into the industry to help us stay ahead of growing worldwide competition.”

For the North East, the outlook is very good, with the subsea industry contributing £1.5bn annually to the region, and supporting 15,000 jobs.

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