Subsea potential

A new research institute could help UK companies capitalise on a global subsea market worth a potential £40bn.

The National Subsea Research Institute (NSRI) has been established by industry body Subsea UK, along with Aberdeen, Dundee and the Robert Gordon Universities via the Northern Research Partnership in Engineering.

The aim is to ensure that the UK retains its market-leading position and captures a significant share of the global market, which is worth £25bn at present and is estimated to grow to more than £40bn by 2011.

With 40,000 employees in 750 companies contributing £4.5bn to the economy, the UK subsea sector leads the way around the world. However, Subsea UK has long been campaigning for a national framework for research, development and implementation of technology that brings together industry, academia and government to make sure the sector remains at the forefront.

'Subsea skills and technology are vital to the recovery of oil and gas reserves around the world, particularly in mature offshore and deep-water provinces,' said Alistair Birnie, chief executive of Subsea UK. 'Industry led and demand driven, the NSRI will address the longer-term challenges the subsea industry faces.'