Subsea UK is encouraging British firms to set their sights on international expansion to sustain long term growth.
The industry body is urging companies to look beyond the North Sea and establish international links to generate new business and support the government’s strategy to increase British exports to £1 trillion by 2020.
Subsea UK in partnership with UK Export Finance (UKEF), will be running an event on August 24, to highlight how firms can overcome the financial challenges involved in selling overseas through government-backed guarantees and insurance.
Carol Harvey, export finance adviser for UKEF will highlight the ways in which they can help subsea companies obtain finance and insurance to support their business while they take advantage of international opportunities.
Neil Gordon, chief executive of Subsea UK said: “With the maturity of the North Sea, coupled with the challenges the industry is currently facing as a result of the continued deterioration in oil price, means that firms must look further afield to grow the UK subsea industry’s international capabilities and reputation.
“With new markets come new opportunities for growth, diversification, and innovation. Companies must extend their global reach to spread risk and win new business. Exporting can help businesses grow – and grow fast. The statistics show that in the first two years of exporting alone, a business can grow by up to one-third, bringing more jobs and boosting profits.
“The help and support that UKEF can provide to companies across the country is a great example of how business and government can work together to increase growth and UK competitiveness.”
Louis Taylor, CEO of UKEF, said “The UK is a global leader in the oil and gas industry, in particular for offshore operations, and the demand is out there with huge rewards to be gained from expanding overseas. UKEF is here to make exports happen, and has done so for many oil and gas companies – GE, Fathom Systems, JDR Cables, Forum Energy, MAATS Tech, and many others have all benefited from our support. Our comprehensive package of support can help UK exporters win, fulfill and get paid for contracts in a competitive global marketplace.
“We can help transform companies’ export performance: each of the companies we helped to access trade finance or insurance over the past year has their own success story to tell. Working as part of the cross-Government ‘Exporting is Great’ campaign, we want to do everything we can to break down the barriers to international trade, help companies realise new export opportunities and help companies sustain long term growth.
“We look forward to working with more Subsea UK companies in the future.”