Scottish Enterprise has revealed a new subsea engineering action plan.
The news comes as Scottish Government Minister for Business, Innovation and Energy, Paul Wheelhouse, visits oil and gas firm, Enpro Subsea, to announce its new £1.5 million investment to support innovation, a key theme of the plan.
Enpro Subsea is to invest £1.5 million in a new research and development project aimed at helping to improve production, by maximizing economic recovery from existing subsea wells and in turn reduce costs for the operating companies.
Scottish Enterprise’s offer of a £755,000 R&D grant towards the project costs will help the company design, develop and test new technology. This is the first time the company has been supported by Scottish Enterprise.
Paul Wheelhouse, said: “Scotland is recognised internationally as the centre of excellence in the subsea sector and already accounts for around 14 per cent of the £50 billion global subsea market, and is comprised of approximately 370 companies, generating an estimated turnover of £7.5 billion annually.
“I am greatly encouraged by the fact that Scottish Companies such as Enpro Subsea are already securing very significant value in this sector and I hope that the additional funding announced today further strengthens their prospects in this sector.
“The plan launched today aims for the Scottish supply chain to capture an even larger slice of the global subsea market through this and to see a stronger supply chain, generating even more jobs and economic growth for Scotland and, crucially, to increase the strength and capability of the industry.”
Managing director of Enpro Subsea, Ian Donald, said: “This funding has given Enpro the confidence to continue our product development for local and export markets. This assistance from Scottish Enterprise will enable Enpro to develop the next generation of subsea enhanced production intervention equipment to increase oil recovery and address emerging markets in deeper waters.”
Commenting on the subsea engineering action plan, Neil Gordon, chief executive of Subsea UK, said: “Scotland has the largest concentration of subsea engineering in the world, with Aberdeen recognized globally as a centre of subsea excellence. Subsea UK, as the authoritative body for the sector, has worked closely with Scottish Enterprise and Scottish Development International to strengthen and grow the subsea supply chain with a focus on technology development, export and diversification.
“We welcome this action plan which sets out the ambition and the key steps to achieving success through greater focus and resource targeted towards supporting our underwater engineering capability. A stronger supply chain will generate jobs, opportunities and wealth for Scotland as well as securing our world-leading position in subsea.”