Europe’s energy and climate ambitions are under threat unless policymakers provide greater investment certainty for the marine contracting sector, according to a new report commissioned by the International Marine Contractors Association (IMCA).
The economic impact study, conducted by PA Consulting, estimates that marine contracting will contribute €80bn in gross value added (GVA) to the European economy in 2025 and support more than 490,000 jobs.
Marine contractors are responsible for building and maintaining offshore energy infrastructure, including wind turbines, subsea cables, interconnectors and carbon capture systems. The study calls for the sector to be formally recognised by the EU and European governments as strategically important.
“Europe’s energy transition depends on the capabilities of marine contractors – and our members are ready to partner with EU policymakers to deliver it,” said IMCA chief executive Iain Grainger. “We need joined-up thinking and long-term policy certainty to scale up capacity and meet future demand.”
The report highlights the sector’s increasingly strategic role in safeguarding energy infrastructure against geopolitical and environmental threats. Recent attacks on undersea assets and GPS interference near conflict zones have reinforced the need for secure and resilient offshore systems, the study noted.
In 2025 alone, the sector is expected to generate €45bn in direct GVA and support 220,000 direct jobs. GVA per worker is more than 2.5 times the European average, equating to a productivity premium of €126,000 per job.
Including indirect and induced effects, the sector’s total economic contribution reaches 490,000 jobs and €80bn in GVA. It also contributes over €15bn in taxes and €1bn in visa fees annually to European governments.
IMCA warned that deployment of more than 10,000 offshore wind turbines will be required to meet Europe’s 2050 targets. However, scaling up to this level will demand investment in new vessels, upgraded ports, skilled labour and specialist equipment.
The report said fleet shortages and fuel regulation uncertainty are already slowing progress. Building a heavy-lift vessel typically takes four to six years, and few are currently on order. Regulatory clarity on fuel availability, port access and emissions targets is needed to support investment.
“Marine contractors are ready to invest,” said IMCA strategy director Lee Billingham. “But you can’t greenlight a €250m to €3bn vessel when regulators are pushing rapid decarbonisation without clarity on which fuels will be available or where.”
The report is intended to inform several EU initiatives, including the Energy Grids Package and the Industrial Maritime Strategy. IMCA is calling for marine contracting to be classed as a strategic sector and for targeted financial incentives to accelerate fleet expansion.
IMCA also urged the EU to support training and visa frameworks for offshore workers and to evaluate European shipbuilding capacity to retain economic value.
PA Consulting’s Alon Carmel said the findings confirmed marine contracting’s economic importance and its central role in enabling net zero infrastructure. “The sector plays a critical role installing and maintaining offshore energy assets and telecoms cables vital to our data-driven economies,” he said.
“Marine contractors are at the frontline of Europe’s green transition,” said Grainger. “Yet Europe’s energy security and climate goals demand we build vastly more offshore infrastructure – and fast. Policymakers must recognise this sector as essential.”
He added that marine contracting now stands “alongside Europe’s largest industries” and remains “a vital part of our industrial base.”
Pictured: (from left to right): Robert Vaughan, Managing Consultant, Economics and Investment Strategy, PA Consulting; Johanna Tewolde, Strategy Analyst, PA Consulting; Liliane Lindsay, Principal Consultant, Energy Transition and AI Advisory, PA Consulting; and Lee Billingham, Director of Strategy and Energy Transition, International Marine Contractors Association.