Subsea engineering opportunity: International Market Insights Report series – summary report

Scottish Enterprise (SE) has undertaken a review of non-oil and gas subsea sectors that have the potential to provide diversification and internationalisation opportunities for the Scottish oil and gas (O&G) subsea engineering supply chain. This summary report outlines the results of the sectors investigated and highlights where SE sees the most immediate opportunities as well as longer term interests. It considers both the synergies between the investigated sectors and the subsea engineering O&G supply chain and the interest and/or resource in the international geographies that present potential markets. The non-oil and gas sectors considered include: offshore wind; marine renewable energy; aquaculture; carbon capture, utilisation and storage; O&G decommissioning; nuclear decommissioning; water and wastewater; ocean science; and seabed mining.

The research involved a desk review of existing evidence.

The report highlights that the most immediate markets of interest presented are offshore wind, nuclear decommissioning, O&G decommissioning and water and wastewater. O&G decommissioning was found to have the strongest crossover with O&G subsea engineering, as they are working in the same discipline, with common technology, price point and language. In the UK alone, decommissioning spend is expected to be £17.1 billion in the years to 2025, and an overall target of £39bn. Medium term opportunities were found to exist in marine renewable energy and aquaculture. Longer term, or less relevant, opportunities exist in seabed mining; carbon capture, utilisation and storage; and ocean science. Other potential areas for subsea cross over were also highlighted and include: defence; subsea tourism and subsea living; offshore nuclear; energy storage; data storage; and salvage.

The report does not make any specific recommendations.