Aberdeen-based Subsea UK is urging companies to look beyond the North Sea and establish international links to generate new business and support the government’s strategy to increase British exports to £1 trillion by 2020.
In partnership with UK Export Finance (UKEF), Subsea UK is holding an event later this month to highlight how firms can overcome the financial challenges involved in selling overseas through government-backed guarantees and insurance.
The event will explore the most promising export opportunities, as well as provide practical help and advice on market entry in a bid to match UK expertise with demand from key oil and gas provinces.
UKEF is the UK Government’s export credit agency. It exists to ensure that no viable export should fail due to the lack of finance or insurance support from the private market. It provides financial backing and insurance to help exporters win, fulfil and ensure they get paid for export contracts. In 2015-16, UKEF provided nearly £600 million in support for energy sector exporters’ overseas sales.
Louis Taylor, UKEF Chief Executive, said “The UK is a global leader in the oil and gas industry, in particular for offshore operations, and the demand is out there with huge rewards to be gained from expanding overseas.
Joe Shephard from UK Export Finance will speak about how the government can help exporters in the subsea sector win, deliver and get paid for their export contracts.
In addition, Ivan Coyard, chief financial officer of JDR Cable Systems will deliver a presentation on how UKEF has helped increase the company’s export capabilities.
Neil Gordon, Chief Executive, Subsea UK, added: “With the maturity of the North Sea, coupled with the challenges the industry is currently facing as a result of the continued deterioration in oil price, means that firms must look further afield to grow the UK subsea industry’s international capabilities and reputation.