Oil & Gas UK reported Tuesday that UK Continental Shelf well services contractors saw strong demand in 2013.
In the trade body’s 2014 Well Services Contractors Report, total reported gross revenue for the well services sector amounted to $3.2 billion.
According to Oil & Gas UK, this is the greatest level of capital investment since 2008, and provides employment for more than 15,000 people.
Oil & Gas UK Operations Director Oonagh Werngren said,”The report reveals that despite declining exploration activity, well services contractors continue to provide significant levels of investment, revenue and jobs to the UK offshore oil and gas industry. The sector has increased gross revenue by 45.5 percent since 2010 despite a marginal decrease in 2013, and comprises an important proportion of the GBP 35 billion ($54.7 billion) supply chain outlined in the UK upstream oil and gas supply chain reports published by Oil & Gas UK and EY earlier this year.”