With a growing realization that lower oil and gas prices are here to stay, Subsea UK urged the industry to embrace the ‘new norm’ to safeguard the future of the UK’s £9 billion subsea sector.
The call was issued as Subsea UK announced the final speaker line-up and programme for its 12th annual conference and exhibition, Subsea Expo.
This year’s theme ‘Adapting to the New Norm’ will look at the behavioral changes the industry must make to deliver the cost savings and efficiencies needed to sustain the sector for decades to come, Subsea UK explained.
“Over the past two years, we have been hit by the worst global downturn in our history. The environment in which we operate has changed and it’s changed quite dramatically for us all. In the past, we’ve adjusted, reduced our costs, tightened our belts and made some tough decisions, however this time it’s different. We need to do more, as sitting back and waiting for the oil price to rise again is not sufficient and nor is short-term cost cutting,” said Neil Gordon, chief executive of Subsea UK.
“We can’t ignore the real changes that are happening in the world. It’s time to step up to the plate, adapt to the new environment and adopt a fundamentally different mind-set. It’s vital that the industry takes a long-term approach – it’s about making things simpler, safer, and more efficient today to deliver lasting results for decades to come.
“Innovation and continuous improvement will be the driving force of our future – it’s how we will increase the productivity of our sector by improving efficiency and adding real value to operations. However, no matter what the future holds, we can’t afford to be complacent and slip back into old habits. The changes we make today are for good and must be embedded into everything we do from here on out.
“Subsea Expo represents the ideal platform to bring together leading industry figures to discuss how we can transform and lay solid foundations for a brighter future.”
Subsea Expo will take place at the Aberdeen Exhibition and Conference Centre from 1-3 February 2017.