"An innovative region that is a hidden gem"
Tees Valley Unlimited recently commissioned a major study into the significant oil and gas industry and in particular the growing sub-sector hub that is rapidly identifying Tees Valley as an attractive place to do business.
The study looked at subsea technologies, offshore fabrication, design engineering and support services and what providers of these products and services look for when expanding or relocating.
All companies involved in the oil and gas industry identified Tees Valley's strong heritage as an industrial area and as an industrial success, many citing quality and technical ability as an advantage they relied upon.
Many saw Tees Valley as an area with skills, expertise and a workforce willing to work noting that there are people from the area working in the oil and gas sector all over the world.
It was reported that the Tees Valley is an excellent place to build a business in the UK as the cost base is more favourable when compared to Aberdeen and London, it has quality people and the infrastructure and geographical location is good.
The key threats identified by companies taking part in the survey stemmed from the current economic climate. The banks are making it more and more difficult to borrow money meaning some projects are delayed or cancelled. However, very encouragingly, a huge 97% responded that the demand for their product or services was medium or high for the foreseeable future and again 97% indicated that they were looking to grow and increase customer numbers.
The Tees Valley Offshore Oil and Gas Supply Chain Study was commissioned to NOF Energy with research completed by Armstrong Davis Associates. For a copy of the full report, click here