Good news for offshore and oil & gas contractors
The latest Oil & Gas UK Index shows a clear increase in contractors across the UK’s oil and gas sector, and this is the second quarterly increase this year. Commenting on the ‘encouraging increase’, Oil & Gas UK’s supply chain director Brian Kinkead said, “This continuous upward trend in business confidence is a clear indicator that our industry is emerging out of the recession with renewed drive, confidence and optimism. Overall, industry confidence is continuing to grow.”
In addition, separate reports by two influential non-governmental organisations highlight that the decommissioning of existing offshore oil and gas infrastructure, coupled with forecast growth in offshore renewables, could provide hundreds of thousands of new jobs and contract opportunities. The Offshore Valuation Group and Decom North Sea have identified many lucrative projects for contractors, including the dismantling over 470 offshore structures and the creation of offshore wind, wave and tidal installations.