There are still a number of barriers to entry for clean energy technologies while oil and gas is offering up work, creating a Catch-22 situation for supply chain firms seeking investment.
In May last year, the UK’s Global Underwater Hub (GUH) set a hare running in London with the shocking revelation that 85% of insurance claims associated with offshore wind claims stemmed from power cable failures.
The challenges and opportunities facing the global subsea sector are being likened to space exploration as companies push the boundaries of what's possible in Earth's final, 'blue' frontier.
By Neil Gordon, chief executive Global Underwater Hub
For many in the underwater industry, the last 12 months can be best summed up as confusing. Shifts in energy policy coupled with the turmoil in the global offshore wind markets have led to uncertainty in the supply chain which can only thrive on certainty.
The Global Underwater Hub (GUH) has announced two new appointments tasked with expanding operations in energy transition and new bases south of the border.
Deepsea mining is arguably the most exciting yet controversial segment of the blue economy, which the United Nations estimates boasts an estimated annual turnover of $3-6trillion.
The renowned UK subsea industry has lost 20% of its capability due to recent oil downturns, according to a membership body - and there's an urgent need for joined-up thinking to deliver on the "tsunami" of energy transition opportunity ahead.
Some $24 billion is expected to be spent on subsea and offshore pipelines in Asia Pacific over the next five years, data from energy research firm Wood Mackenzie shows.