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Record overseas sales by Scots oil and gas supply chain firms

Record overseas  sales by Scots   oil and gas supply chain firms

Total international sales from Scotland’s oil and gas supply chain companies have hit record levels, new figures show.

The value of overseas sales for the sector hit £10billion in 2013, an increase of 22% over the previous year, according to an annual study by economic development agency Scottish Enterprise.

The study found that international activity now accounts for over half of total oil and gas supply chain sales from Scotland at a record 50.2%.

In 2002 this was 31% according to the study, which was completed in partnership with Aberdeen & Grampian Chamber of Commerce and sponsored by accountancy firm Johnston Carmichael.

The companies surveyed also forecast that total exports would continue to grow, with sales expected to rise 32% and Scottish sales via international subsidiaries up by 29% over the next five years.

North America remained the top region for international sales with sales up by a third to £3.6billion, followed by Africa where sales almost doubled to £2.3billion.

The US remained the main market for international activity with Angola and Norway rising to become the second and third largest markets.

Over the next five years the US will continue to be a key country alongside Angola, Norway, Nigeria, Brazil, Australia, the UAE, and Malaysia. Africa, the Middle East and the Asia Pacific region are forecast to provide the most opportunities.

Contractors operating mainly in the “wells” sub-sector were most likely to export, with 30% of UK oil and gas revenue being generated from export sales in this area. This was followed by the marine and subsea sub-sector which reported that around 20% of its UK revenue was generated from exports.

David Rennie, head of oil and gas at Scottish Enterprise said: “Scotland has built up a global reputation in oil and gas expertise over the past 40 years, and these latest results clearly indicate that our skills and expertise remain in growing demand across the globe.

“Helping our supply chain to develop opportunities in new markets is a key focus of Scotland’s industry-led oil & gas strategy, and our attendance at OTC this week is a further opportunity for us to showcase our strengths in this sector to the global marketplace.”