Aberdeen Branch Business Breakfast – Opportunities in an Imperfect Storm
07 February, 2023
7th February 2023 | Marcliffe at Pitfodels, Aberdeen
SUT Member £37+VAT | SUT Non-Member £44+VAT
With Covid firmly in the rear-view mirror, one set of storm clouds has parted only to be replaced by others; not only how to repair the economic damage done by lockdowns, but the war in Ukraine, ESG mandates restricting capital to oil and gas and governmental strategies that restrict exploration. These are just some of the events playing havoc with the post-pandemic landscape.
Scrambling to make up for lost Russian gas, Western governments are reassessing the closure of gas storage fields and nuclear power stations whilst the US and Qatar drive hard bargains for LNG. The news media appear to suggest that carbon neutrality is just around the corner, but renewables are intermittent and grid-scale storage isn’t here yet. Energy security no longer refers only to supply, but physical infrastructure after damage to pipelines and cables.
The North Sea is our backyard and it is the source of much of the UK’s energy wealth. Things for the subsea community have suddenly become more interesting again, though perhaps not in the way we had expected. How do we make sense of these events when planning for the post-Covid world? It’s a fool’s game to make hard and fast predictions, though some trends are detectable and our speakers have data, analysis, and sector expertise to shed some light on what’s going on.
Please join us at 7am, 7th February at the Marcliffe at Pitfodels in Aberdeen for the SUT’s 2023 Subsea Market Outlook.
The imperfect storm: offshore energy industry demand expectations
James Hall, Director at Axiom EMI.
James will present an outlook for demand-side expectations across the offshore energy sector. Axiom will consider the impact of decarbonising primary energy production and localised energy security set against the backdrop of geopolitical tensions and increased energy costs. Recent and expected project sanctioning will be quantified by offshore O&G and wind facility installation demand, as well as examining the potential impact of increased mineral requirements for renewable and green-tech solutions, touching on the viability of offshore mining.
Opportunity knocks: How will the subsea squeeze between oil and gas and offshore wind continue?
Senior Research Analyst, Ross Macdonald, and ConstructionVesselBase Manager Catherine MacFarlane both of S&P Global.
Ross and Catherine will give an outlook on the subsea construction vessel fleet amid rising demand not only from a rebounding oil and gas sector but also the rapid growth of the offshore wind market. They will assess key buyers and suppliers to the market, how the growth of the SOV market may impact current subsea vessel participation in the offshore wind market, future demand trends and the overall implications of these evolving dynamics on the future of this key market sector.