Diversification Opportunities for the Oil & Gas Supply Chain

Diversification Opportunities

for the Oil & Gas Supply

Chain

Championing the UK Subsea Sector Across the World

Agenda

• Welcome and introduction

Neil Gordon, CEO, Subsea UK

• Supporting the supply chain to access new markets

Douglas Hyslop, Senior Manager, Energy Supply

Chain Team, Scottish Enterprise

• Diversification opportunities and challenges

Sam Gomersall, Pale Blue Dot

• Guide to the offshore wind sector

Alan Duncan, BVGA Associates

• Open forum discussion

Scottish Enterprise:

Oil & Gas Supply Chain

Diversification

Presented by: Douglas Hyslop

Where: Village Hotel, Aberdeen

When: 2nd August 2016

InvestmentPromoting

Scotland as a

leading hub for

renewable

energy

innovation

Create globally

competitive

supply chains

and support

companies to

win business in

key markets

Securing

manufacturing

commitments

that result in the

creation of HVA

jobs.

Supporting

investment and

promotion

Supporting Scotland’s Economic Strategy

Our Role in the Energy Sector

“We have a highly-skilled workforce, substantial natural resources, a longstanding reputation for

innovation, internationally recognisable brands and products and companies competing

successfully in global markets.

Innovation

Inclusive

Growth

Internationalisation“Our Economic Strategy will build on this strong starting point.

It will focus on the dual and reinforcing objectives of

boosting competitiveness and reducing inequality through

our four priorities for sustainable growth”

Scottish Enterprise is developing a comprehensive programme of support to

assist oil & gas supply chain companies to identify and exploit new market

opportunities:

• Aims to support companies individually and collectively to identify relevant

near to market opportunities

• Recognises the strategic importance of diversification to company growth

plans

• Will consider how to address barriers to successful diversification into new

sectors and geographical markets

• Initiated by a review carried out by Pale Blue Dot, BVG Associates and ARC

Consulting – June 2016

• We seek interaction with ambitious companies to discuss how we can

support your diversification strategy

Key Messages

Scotland is actively developing its supply chain to ensure our companies remain market

leaders. The Expert Support Programme helps established supply chain companies and

new market entrants, offering:

• Up to two days of FREE one-to-one support, funded by Scottish Enterprise

• Support delivered by specialist advisors who have knowledge and experience of the

offshore wind sector

• Market or technology appraisals, designed to help companies consider and build

diversification strategies to that help them to win business in the offshore wind sector

• Company specific action plans, that identify and exploring potential revenue steams and

include key milestones to help companies to take forward their offshore wind ambitions

Expert Support Programme

Eg. Offshore Renewables Supply

Chain Directory

• Created by Scottish Enterprise and

Highlands & Islands Enterprise

• Details hundreds of Scottish

companies with offshore renewable

energy capabilities

• Enables developers to search for

specific capabilities

• Provides an excellent opportunity for

supply chain companies to promote

their capability

Supply Chain Directory

Scottish Enterprise and Highlands & Islands Enterprise have

developed a programme of events to support new and existing

supply chain companies:

• Supply Chain Workshops - Sessions exploring specific supply

chain opportunities. Eg. September event focussed on ports &

harbours and attracted 90 delegates

• Meet the Buyer Events - Tailored events with leading OEMs

and developers

• Technical Solutions Workshops - Sessions focussing on

specific industry challenges and potential solutions

Supply Chain Events

The Innovation Support Service

• Are you planning an innovation or R&D project?

• Yes - then Scottish Enterprise offers a free, impartial, advisory service that will review

your business case and plans and provide you with guidance

• To benefit fully from the Innovation Support Service you should:

– Be a formed company (registration number required)

– Have conducted a basic market research

– Have a business plan and/or a project plan

– Be able to finance a significant part of the project costs

For further information about the Innovation Support Service click here(http://www.scottish-enterprise.com/iss)

or call the Scottish Enterprise network helpline 0845 607 8787(mention the Innovation Support Service when you make your enquiry)

http://www.scottish-enterprise.com/iss

SMART: SCOTLAND provides grants to Small to Medium Enterprises (SMEs) based in

Scotland to help them undertake technical feasibility studies and research and development

(R&D) projects with a commercial endpoint.

• Feasibility studies – Supports up to 70% of the eligible costs for a small SME and up to

60% of the eligible costs for a medium SME. Studies must last between 6 and 18

months, and the maximum grant is £100,000.

• R&D Projects – Covers projects that aim to develop pre-production prototypes of a new

product or process. Support is available at up to 35% of eligible project costs. Projects

must last between 6 and 36 months, and the maximum grant is £600,000.

To be eligible projects must exhibit:

• An advance in technological innovation for the UK industry or sector concerned.

• The technical risks and challenges associated with defining and developing the

technology.

SMART: Scotland

Thank You

Any Questions?

E-mail: [email protected]

Oil & Gas DiversificationOpportunities and Challenges

SubseaUK & Scottish Enterprise

2nd August 2016

Sam Gomersall

www.pale-blu.com

© Pale Blue Dot

Energy Ltd. 2016Management Consultants

for The Energy Transition

1

Carbon Capture

& Storage

2

Oil & Gas

Transition

3

Emerging

Energy Systems

We help organisations of all sizes to create opportunities

and mitigate risks arising from major changes in the energy

markets.

Management consultants for the energy transition

Pale Blue Dot Energy

Project outline

To provide Scottish Enterprise with sector and market analysis to enable a detailed action plan regarding diversification opportunities for the Scottish oil & gas supply chain

Review 24 sectors

Map O&G capabilities to those sectors

Prioritise sector potential

Highlight other diversification aspects

© Pale Blue Dot



Sectors considered

Aerospace

Carbon Capture and Storage

Chemical & Life Sciences

Construction

Decommissioning

Defence

Downstream O&G

Energy storage

Food & Drink

Heat

Hydro

Hydrogen

© Pale Blue Dot



Knowledge

Marine

Midstream O&G

Mining

Nuclear

Offshore wind

Rail

Textiles

Thermal Generation

Water

Wave & Tidal

Unconventional gas

Output material

© Pale Blue Dot



Sector Overview

Report

Excel Spreadsheet

24Sector

Reports

Summary Report

Findings: Priorities

‘Green’

Offshore wind

Nuclear

Decommissioning

Hydrogen

Heat

‘Amber’

Wave & Tidal

Chemical & Life Sciences

Unconventional gas

CCS

Energy storage

Knowledge

Water

© Pale Blue Dot



‘Red’

Hydro

Aerospace

Defence

Construction

Marine

Midstream O&G

Downstream O&G

Textiles

Rail

Mining

Food & Drink

Thermal Generation

Findings

© Pale Blue Dot



Findings

© Pale Blue Dot



Findings

© Pale Blue Dot



Mapping summary

Sector with traffic lights Resvr Wells Facilities Subsea Support

1 Offshore wind

2 Wave and Tidal

3 Hydro

4 Nuclear

5 Aerospace

6 Defence

7 Chemical & Life Science

8 Unconventional Gas

9 Carbon Capture & Storage

10 Decommissioning

11 Construction

12 Marine

13 Downstream O&G

14 Midstream O&G

15 Textiles

16 Rail

17 Mining

18 Energy storage

19 Hydrogen

20 Knowledge

21 Food and drink

22 Water and wastewater

23 Heating and cooling

24 Thermal generation

© Pale Blue Dot



Sectors with subsea activity

© Pale Blue Dot



Scotland’s Opportunity

To use O&G ‘surplus capacity’ as an opportunity for growth

Consolidate position in Decommissioning and Offshore Wind

Develop sector leadership in emerging sectors such as: Hydrogen, Wave & Tidal, Heat, Energy Storage

Move from ‘solving a problem’ to ‘creating an opportunity’

Engage the O&G sector in the vision

© Pale Blue Dot



Market challenges

N Sea production in decline

Low oil price now, future price uncertainty

Growth in low carbon sectors

Transition from fossil fuels underway

Oil and Gas remains a huge sector

O&G supply chain unlikely to recover in size

Need to ensure awareness of the “broader script”

© Pale Blue Dot



Messaging challenges

Industry messages are a delicate balance;

“We need to be pulling together to secure the future for the N Sea, which still holds billions of barrels of oil & gas” DierdreMichie O&G UK

“Aberdeen is now beginning to face up to the challenges of its long term economic future after the complacency of a strong N Sea dominated era” Sir Ian Wood

Both messages are valid and complimentary

The diversification message needs to be stronger in Aberdeen

..without being seen as undermining the O&G message

© Pale Blue Dot



Cultural challenges

Insufficient drive for diversification

High oil price: no need

Low oil price: no capacity

Poor understanding of other sectors

Ability to market into other sectors

Perception of O&G from other sectors

© Pale Blue Dot



Diversification drivers & outcomes

© Pale Blue Dot



Improved value proposition

Distinctive offering

=>

Business synergies

Growth potential

Decline in current markets

Loss of revenue

=>

Diluted profitability

Loss of focus

Dri

ver

Ou

tco

me

Strategy precedes delivery

© Pale Blue Dot



Summary

Early sector opportunities are in Offshore Wind and Decommissioning. Also Water and Nuclear.

Scottish leadership could be established in Wave & Tidal, Heat, Hydrogen, Energy Storage

O&G Sector not well engaged with Diversification

Precipitating O&G Sector engagement is the most important strategic action

O&G capacity is an opportunity for business and Scotland, but it will take time

Business can get started with preparatory action before engaging in strategic activity

© Pale Blue Dot



Questions

[email protected]© Pale Blue Dot



31/34

Guide to the Offshore Wind Sector

Exploring high O&G synergies and diversification

opportunities ~ 02nd August 2016 (Alan Duncan ~ BVGA)

32/34

Who we are

BVGA: Business realism rather than eco-idealismOver 10 years of experience in offshore wind, onshore wind, wave and tidal

Selected clients

BVG Associates

• Market and supply chain

• Analysis and forecasting

• Strategic advice

• Business and supply chain development

• Technology

• Engineering services

• Due diligence

• Strategy and R&D support

• Economics

• Socioeconomics and local benefits

• Technology and project economic modelling

• Policy and local content assessment

© BVG Associates 2016

33/34

Questions to be addressed today:

Supporting Scotland’s O&G supply chain diversifyO&G suppliers possess world-class capabilities – targeting largest and most accessible markets


Earliest ~ Where are the largest opportunities for early diversification?

Longevity ~ What longer term potential exists in other market sectors?

Readiness ~ How prepared are companies to develop new areas of business?

How to diversify ~ What strategies are available to companies seeking to

expand into new markets?

Navigating roadblocks ~ What challenges and barriers might the subsea supply

chain face?

‘Team Scotland’ ~ What is the role of the public sector in supporting industry to

move forward?

34/34

European Offshore Wind 2005 to 2025

European deployment to increase four-fold in the next 10 years


• UK continues to be most consistent, growing market

since 2003.

• UK nearing the end of a 3-year slow-down between

2014 and 2016, transition to new ‘strike price’

mechanism. Dip towards 2020 down to new

Government and ‘1 lost CfD year’

• UK and Germany make up 2/3 of the cumulative

forecast EU market by the end of 2025

• Deployment in France expected to begin at volume

from 2020, Netherlands ramp-up expected after 2021

• Denmark and other Europe markets intermittent

• European installed capacity to rise from just under

11GW in 2015 to 40GW in 2025 (total wind farm

investment over £100bn)

• With 7700 turbines installed by 2025, each operating

for 25 years+, the O&M market is likely to increase

tenfold

0

10

20

30

40

50

0

1

2

3

4

5

'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25

Cum

ula

tive in

sta

lled c

ap

acity (G

W)

Insta

lled c

apacity (G

W)

Year of turbine installation

DE DK FR NL UK Other Europe Cumulative

• All offshore wind markets are subsidised to a roughly

similar extent and support is likely to be required until

around 2025

• Moving to larger zones (~1GW). In some cases,

expected to be phased around 500MW projects.

• With 5.1GW of offshore wind capacity

online at the end of 2015…….

• Scotland has precisely zero turbines

of the 1454 installed in the UK

35/34

Asia and North America: the next offshore wind hotspots

Internationalisation Offshore wind WILL go global: foreign markets to seek European expert supply


With Europe to hit 40GW by 2025….

China will approach 15GW

and surpass UK within the

next 10 years….

Chinese money flooding into

Europe – acquisitions and

partnerships….

Learn from European leaders

and ‘export’ back to Asia

First project (Block Island) will

be commissioned in 2016

Open to European suppliers –

DONG awarded rights to

1GW Bay State project

‘Liberal’ seaboard states

committed to wind and suited

to floating solutions

36/34

UK near term projects, Scottish strife

Beatrice is the only Scottish project with a ‘trouble free’ deployment plan


After almost 1 year delay, CfD2 to 4 schedule

announced:

£730 million this Parliament (4 years) £730m

for up to 4GW of offshore wind and other less

established renewables

First auction Q3 2016 of £290 million

Strike price trajectory defined ~ £105/MWh (in

2011-12 prices), falling to £85/MWh for

projects commissioning by 2026 – ‘subsidy

free’?

2.3GW Scottish projects with legal challenges

(NNG, Inch Cape, Seagreen)

Not enough to go around - Scottish projects

disadvantaged by higher CAPEX costs and

transmission charges !

Strong developer commitment to UK

Overseas - Dong & Vattenfall heavily invested

in UK, Shell entering NL ?

Domestic - SPR (EA1) & SSE u-turn ?

Scottish developers – all or bust

Market probably has space for 3 strong WTM

Siemens in Hull, MHI/Vestas IOW, GE ?

Lack of Scottish WTM severely limits CAPEX

potential

Project Lead developer Contract type Project status* Expected

capacity (MW)

Beatrice SSEEPC (WTM

Siemens)

FID expected

H1 2016588

East Anglia 1ScottishPower

RenewablesEPC (WTM

Siemens)Post-FID 714

Hornsea 1 DONG Energy Multi-

contractingPost-FID 1,200

Neart na

GaoitheMainstream

EPC (WTM

Siemens)

Consent

approved448

Moray Firth 1 EDPR EPCConsent

approved500

Dogger Bank

Creyke BeckStatoil

Multi-

contracting

Consent

approved1300

Triton Knoll RWE Innogy Multi-

contracting

Consent

approved400

East Anglia 3ScottishPower

Renewables EPC

Applied for

consent600

Hornsea 2 DONG EnergyMulti-

contracting

Applied for

consent1,200

Inch Cape Repsol EPCConsent

approved700

Dogger Bank

TeessideRWE Innogy

Multi-

contracting

Consent

approved1200

Total (MW) 8,850

* Capacities are a BVGA

scenario only / other

projects not listed are

possible

37/34

Floating wind – the Scottish opportunity ?High oil and gas market synergy

•Technology proliferation may spread DEVEX

budgets and hamper progress.

•Scotland has the perfect water depth for floating but

majority of Round 3 sites <50m so suited to fixed

foundation.

•Particularly attractive for near shore / deep water

sites (technology largely unproven below 50m water

depth).

• 0-30m ~ Monopiles

• 30 – 50m ~ Jackets

• 50m+ ~ Floating

•Higher potential for local content – more onshore

construction and onshore O&M.

•Floating significantly behind fixed foundation

technology so more expensive in the short-term.

Rapid cost reduction required.

•3.5 ROCs available in Scotland: various demo sites

planned

• 2017 ~ Hywind (Statoil) – 6 turbines

• 2018 ~ Kincardine (Atkins) – 8 turbines

• 2018 ~ Dounraey (HIE TBC) – 5 turbines

•Japan leading the global effort: Scottish enablers

keen to explore Scottish centre of excellence

credentials.

Market overview


Spar buoy Semi-sub

Tension Leg

Platform

Wind speed N Europe Sea depth N Europe

38/34

Large SOM across a 35 year lifecycle‘Standard’ OSW lifetime spend of £4 to £6bn - Where the money goes….


3% 57% 40%

£0.1bn £2.4bn £1.7bn

Source: EDPR (Moray) ~ £4.2bn 25 year spend (500MW mid size wind farm)

BVGA study on global SOM for O&G supply chain

suggests £8bn of high potential opportunities

(approximately 30% of total spend)

39/34

Developmentand project

management

Wind turbine supply26%

Balance of plant19%

Installation and commissioning

14%

Operation, maintenance and service

39%

Project other1.6%

1%Turbine

assembly

7%

2%

8%

4%

4%

Subsea export cables2%

1%

7%

8%

1%Installation ports

0.5%

2%

4.5%4%

3%

Operation, maintenance and minor service

20%

7%

12%

Blades

Castings and forgings

Drive train

Tower

Turbine other

Subsea array cables

Substations

Balance of plant

other

Foundations

Installation other

Subsea cable installation

Foundation installation

Turbine installation

OMSother

Major service

Wind farm design0.1%

Surveys0.3%

Source: BVG Associates

2%

Lifetime cost breakdownWorking out where you fit within the supply chain is key….

40/34© BVG Associates 2016

How to diversify: Oil & Gas deep-dive

Available to download from SE website

First analysis in a concerted effort by

‘Team Scotland’ to support our Scottish

O&G supply chain find diversification

opportunities in these challenging

times for the industry….

41/34

Abstract: Offshore wind diversification

The dawn of a new era rather than a sunset for our oil and gas supply chain


• Diversification can be a great business strategy - a targeted move into a new sector can spread risk, generate new revenue and reduce unit costs.

• Key to successful diversification - ensure there is capability overlap between “legacy” and “new “ industry.

• The oil & gas overlap – offshore wind open to suppliers from all sectors but capability correlation between offshore wind and oil and gas is naturally

very high.

• Two-way learning - processes and innovative thinking developed over decades in oil and gas can be transferred to offshore wind / rapid cost

reduction, standardisation and faster deployment techniques in offshore wind can benefit oil and gas.

It doesn’t need to be either or – spreading the risk / reward

42/34

Local benefit – key to continued support

Engage with Scottish suppliers that have succeeded in offshore wind….


0%

20%

40%

60%

80%

100%

TOTEX DEVEX CAPEX OPEX

% U

K c

on

ten

t

Source: BVG Associates

• 10 UK wind farms larger than 100MW, completed 2009-

13

Disjointed progress

• Supply chain plan “gateway” into the CfD auction process ~

Three criteria: competition, innovation and skills

• Backed up by strong DECC, BIS and UKTI pressure, supply

chain plans must be delivered, no UK content beauty contests

Supply chain plans

Increased UK

content but at

any cost ?

43/34

Offshore wind high potential diversification areas

Supply chain split into 35 sub-element areas of supply – 9 ‘hot spots’


Considers O&G track record in wind, supply synergies, appetite, cost-out potential, investment & size of the prize

1. Project

management

2. Array cables

3. Substation

structures

4. Turbine

foundations

5. Secondary

steelwork

6. Cable

installation

7. Installation

equipment

8. Installation

support

services

9. Operations,

maintenance &

inspection

services

44/34

Development and project Management

Opportunities in project management


Environmental

surveys3%

Consenting and

development services

15%

Site investigati

ons15%

Project managem

ent67%

Development and project

management3%

Small lifetime spend – committed at risk ahead of FID

Project management:

The challenges of working in a harsh environment

and the ensuing implications for HSE, for example,

mean that oil and gas companies are well placed for

work in offshore wind

Minimal investment required

45/34

Turbine supply

No indigenous OEM so opportunities limited….


Strong local supply chains have grown in overseas

markets where offshore wind first emerged. Turbine

manufacturers companies are reluctant to risk

switching supply unless significant cost or quality

benefits can be realised

Investment by CS Wind in WTS means towers

emerging as an opportunity

Possible investment in a UK blade manufacturing

capability

Turbine25%

Turbine assembly

4%

Blades18%

Drive train19%

Power conversion

30%

Large fabrications

5%

Towers13%

Small component

s11%

46/34

Balance of plant

Significant opportunities for the O&G supply chain


Balance of plant is expected to deliver significant

LCOE improvement. Innovative oil and gas

companies can findi opportunities in offshore wind

Highest opportunity for O&G suppliers to secure

CAPEX orders based on high level of synergy

Large quayside manufacturing capability required for

all but secondary steel supply. Bi-Fab, Global Energy

and Babcock securing business.

Balance of plant17%

Array cables

8%

Export cables

17%

Transmission

17%

Substations structures

11%

Turbine foundations

40%

Secondary steelwork

7%

47/34


High synergy with O&G deployment


Although many of the personnel involved in

installation work have a background in oil and gas,

few oil and gas companies have a track-record in

turbine and foundation installation

The vessels used are now bespoke for offshore wind,

often high-specification jack-up vessels, and are

mostly built in the Gulf states or east Asia

The main opportunities for oil and gas companies lie

in installation equipment and support services, to

engineer efficient offshore solutions for a range of

installation activities, reducing LCOE via innovation

Installation ports and

logistics5%

Turbine and foundation

installation41%

Cable installation

21%

Substation installation

3%

Installation equipment

10%

Installation support

services15%

Onshore works

5%


11%

48/34

Operations, maintenance and servicing

Large spend on maintenance and inspection across 25 year lifecycle – high local content potential


Most maintenance vessels are mostly owned and

operated by specialist companies

There is some uncertainty over the OMS strategies

adopted by developers as projects are built further

from shore

Oil and gas suppliers have a vast amount of

experience in maintaining assets in the North Sea

and synergies in terms of defect detection, planned

maintenance and asset repair are extremely high

Innovative approaches from the oil and gas sector will

be welcomed by offshore wind asset owners

Operation, mantenance and service

41%

Fuel and consumable

s4%

Maintenance and

inspection services

33%

Spare parts5%

Vessels and equipment

36%

O&M ports

2%

Communication systems

1%

Inventory managemen

t0%

Other OPEX19%

49/34

Offshore wind high potential diversification areas

£8 bn of high potential annual spend by 2025 up for grabs – learn from those who have gone before


A number of traditional UK oil & gas companies have successfully navigated the challenges to entry

1. Project

management

Oil and gas companies are

already offering skills in managing

complex projects offshore.

“There is a realisation of the

benefits that offshore oil and gas

expertise can bring to the

emerging offshore wind sector”

4. Turbine

foundations

Fabrication skills from oil and gas can

be harnessed to produce serially

manufactured structures.

“The growing offshore wind sector

can be served in conjunction with the

oil and gas sector. We are

demonstrating to wind developers

that we can manufacture foundation

structures in volume”

7. Installation

equipment

The transition from oil and gas

equipment supply has been made by a

significant number of companies, for

example in pile and cable handling

equipment and trenching and burial

tools.

“There is a definite appetite for robust,

simple and cost-effective solutions in

this new market”

2. Array

cables

Their manufacture requires

similar skills and equipment to

O&G umbilical manufacture.

“The fact we are able to develop

solutions which can be deployed

in both sectors allows us to share

best practice across industries”

5.

Secondary

steelwork

This is an accessible market for

companies without the capacity for

foundation manufacture and entry

may not need new coastal facilities.

“We have enhanced our automated

cutting and profiling services to

develop a lean manufacturing plan for

competitive volume fabrication for the

offshore secondary steel market in

particular.”

8. Installation

support services

The experience of working offshore can

bring real benefits to offshore wind not

only in subsea services such as diving

and ROV services but also in onshore

activities such as marine consultancy.

“The supply chain has to work hard

tendering against projects that are not

fully financed…. get it right and

offshore wind can be a long-term part

of a company’s strategic vision with

excellent global prospects”

3.

Substations

structures

These are typically one-off

designs on a similar scale to oil

and gas platforms.

“One of SLP’s main objectives

has been to apply its long

experience in designing and

building offshore platforms for the

oil and gas industry to the

offshore wind sector”

6. Cable

installation

Most experienced contractors have

not only oil and gas experience but

learnt that the complexity of offshore

wind contracts presents significant

new challenges.

“If you are a company that can offer

high calibre engineering support, you

can more than succeed in offshore

wind in UK and beyond”

9. Maintenance

and inspection

services

Oil and gas experience of offshore

logistics can shape evolving strategies

in wind.

“New market entrants must have a

clear idea of what their core

competence is and how to articulate

their value proposition. Companies

must show how they can help

customers improve asset efficiency or

reduce cost”

50/34

Facing the diversification challenge

“ It’s offshore marine Jim but not as we know it….”


Understand core competence, address the supply gaps in offshore wind seeking highest LCOE savings

Lack of

track record

Risk-averse

investors

Cost

competitive

ness

Contracts

(Lump sum

/ fixed

price)

Warranties

& Asset

uptime

linked

reward

Target

multiple

projects (framework)

Long-term

OPEX

focus: high

local

content

Disruptive

innovation /

cost

competitive

Floating

wind: high

O&G

structure

synergy

Understand

differences

with clear

strategy

51/34

[email protected]

BVG Associates Ltd

The Blackthorn Centre

Purton Road

Cricklade, Swindon

SN6 6HY UK

tel +44(0)1793 752 308

[email protected]

@bvgassociates

www.bvgassociates.co.uk

BVG Associates Ltd

The Boathouse

Silversands

Aberdour, Fife

KY3 0TZ UK

tel +44(0)1383 870 014

This presentation and its content is copyright of BVG Associates Limited - © BVG Associates 2016. All rights are reserved.


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Championing the UK Subsea

Sector across the World

Documents

Diversification Opportunities for the Oil & Gas Supply Chain