Global Offshore Drilling Industry Set for 50% Growth According to Scottish Enterprise Research

    HOUSTON, April 30 /PRNewswire/ -- The multi-billion dollar global
 offshore drilling industry is set to grow by 50% over the next four years,
 according to the latest market intelligence report on the energy industry
 commissioned by Scottish Enterprise.
 
     The report, available by request at the Scottish Pavilion at the
 Offshore Technology Conference (OTC) in Houston, finds that more than $305
 billion worth of investment is planned between 2007 and 2011, compared with
 the $204 billion over 2002-2006.
 
     In addition to increased drilling activity, a greater focus on deeper
 and more challenging environments in the deep waters of West Africa & Latin
 America and the harsh conditions of the Arctic Circle will be driving
 growth in the offshore sector and demand for new technologies and enhanced
 expertise.
 
     "There is clearly going to be an urgent need for new technologies,
 expertise and training as countries and companies look to tap into the
 opportunities presented in new waters around the world," said Brian Nixon,
 director of the energy team at Scotland's enterprise, innovation and
 investment agency.
 
     "Scotland's oil & gas industry has a depth of experience, knowledge and
 innovative approaches developed to respond to the ever changing, and ever
 more challenging, conditions for offshore activity," said Nixon. "It is
 exciting, on the eve of OTC, to see that expertise and the technology
 developed by Scottish companies in such great demand around the world."
 
     The research, conducted by Douglas-Westwood, found much of the market
 growth will be driven by increased activity into the deep waters of West
 Africa, Latin America and the Gulf of Mexico.
 
     It is expected that deepwater spending will grow from 21% percent of
 the 2006 global drilling market to 29% by 2011 -- in particular, Africa
 will account for roughly a third of deepwater expenditure over the next
 five years.
 
     Other significant deepwater growth markets include Latin America &
 North America. However, growth will not be limited to deepwater, with the
 shallow water Middle Eastern region to experience market growth from
 $3billion in 2006 to over $4billion by 2011.
 
     "There is excellent work being done in the sector and Scottish
 companies are very well-regarded internationally for their highly-skilled
 staff and innovative techniques," said Nixon. "We will be helping them
 reach potential global customers, meeting a clear market demand for the
 services and skills they offer."
 
     Among the Scottish companies attending OTC are QuickWells, Caledyne;
 Qserv & Petrowell.
 
     For further information or interviews with representatives from the
 Scottish Government or Scottish companies attending the show, please
 contact Carol Decker 713-461-2289 or Carol.decker@scotent.co.uk.
 
 
 

SOURCE Scottish Enterprise