Later this month, Subsea Expo 2023, the world’s largest annual underwater exhibition and conference, returns to Aberdeen.
Organized by the Global Underwater Hub (GUH), the series of events, exhibitions and conferences promises more than ever to showcase the sheer size, scale and opportunity of the blue economy.
The blue economy is defined by many as the sustainable development and management of a range of economic activities dealing with marine and marine resources.
Established in 2021, GUH complements the strong legacy of its predecessor, Subsea UK, which was built largely in the oil and gas sector from a base in north-east Scotland.
This is a legacy we are reminded of by the well-known street sign in Westhill on the outskirts of Aberdeen that reads ‘Global Center of Excellence in Subsea Engineering’.
Much of Westhill’s and Britain’s success in subsea engineering is attributed to the maturity of the oil and gas sector in the North Sea. Decades of experience has encouraged niche supply chain companies, skills, jobs, knowledge and experience to concentrate in clusters, particularly in the North East.
This cluster not only serves the North Sea market, it is also a center for important export trade. It is a center for the advanced development and deployment of subsea technology that has much to offer other industries and sectors.
Today it goes without saying that the GUH and the Blue Economy represent far more than just the Northeast and the oil and gas sector. Crucially, this is a key theme of GUH and Subsea Expo 2023.
© Supplied by DC Thomson/ Wullie M Subsea Expo 2023 hopes to attract more than 6,000 visitors.
Other dynamic and important subsea sectors in the UK include shipping, aquaculture and defence.
There are also other hub clusters, notably in the north and south of England. Beyond energy, there are countless opportunities for companies in these sectors to cross-sell and cross-pollinate in the blue economy, either by accessing or offering advanced technology, skills, R&D, experience and mutual understanding.
As a strategic trade and industry development organization, GUH is a cross-industry organization representing all subsea industries.
For its members and stakeholders, this means the opportunity to offer an unconstrained view to design and develop products and services from their established sectors and locations into similar blue economy markets and environments.
Across the UK, GUH therefore exists to accelerate business growth and innovation, building on the strengths of the national subsea industry, now reportedly worth £8 billion a year.
From an internationally enviable position of having the largest global market share of subsea sectors and industries, and with centers of excellence, this offers the UK significant export opportunities as well as prospects to transfer skills and services into new sectors.
Prime examples of this transition can be found in the energy sector, where subsea companies formed to serve the oil and gas industry are exploring opportunities in the UK’s growing offshore renewable energy market and exporting their products and services overseas
Not only do these opportunities provide pathways to new markets, helping navigate the energy transition and journey to net zero, they help companies secure revenue and pursue growth opportunities in new overseas markets.
This is a theme we see at AAB in our client portfolio and in our new business development activities.
At Subsea Expo 2023 later this month we congratulate GUH for providing a key focus and strategy for outstanding development opportunities for UK businesses and our economy.
Alasdair Green is a Partner and Head of Energy at AAB.
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