Coda Octopus Group Inc (CODA)

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UK Subsea Sector Almost 50% Growth in Three Years.

03 July 2013

Subsea UK today revealed that the UK’s subsea industry is now worth £8.9 billion. The industry body’s latest business activity review shows that the UK now dominates the world-wide stage with 45% of the £20 billion global market.

The survey of over 750 companies throughout the entire supply chain shows that 16,000 new jobs have been created in the sector since 2010, bringing the total number of jobs supported by the industry to 66,000. This figure takes account of the 53,000 directly employed in the subsea industry as well as the 13,000 in jobs which indirectly support the sector. The 2010 review found that the sector directly employed 40,000 people and a further 10,000 indirectly.

Of the direct subsea workforce, 48% work in services which include engineering, construction and diving. Manufacturing accounts for 19% of the 53,000 jobs.

Almost half the respondents are anticipating growth in excess of 20% in the next three years with 28% predicting to grow by 10%- 20% and a further 1% predicting less than 10% growth and a further 28% forecasting no growth.

If these forecasts are achieved, the sector could grow to £11.1 billion by 2016.

read more

http://www.subseauk.com/4277/uk-subsea-sector-now-valued-at-almost-9billion-almost-50-growth-in-three-years

CDOC..Coda Octopus Group Inc. subsidiary Coda Octopus Products Ltd is a member of Subsea UK

http://www.subseauk.com/detail.asp?cno=1037

The voice of the UK subsea industry
Benefits

http://www.subseauk.com/1507/benefits