Global Underwater Hub (GUH) in the UK has teamed up with Subsea Innovation Cluster Australia (SICA) to foster growth in the subsea sector in both hemispheres.
The two groups have signed a memorandum of understanding (pictured) to work together to capitalise on opportunities in offshore wind, decommissioning, carbon capture storage, and oil and gas.
Trade body GUH represents the UK’s £9.2bn underwater industry, while SICA is a membership organisation of companies in the Australian subsea industry.
Under the agreement, the organisations will actively promote opportunities for their subsea supply chains in both countries and support each other’s members in entering their respective markets.
They will also share market intelligence and learnings around diversification strategies particularly in energy transition and defence, including the security and protection of critical underwater infrastructure.
GUH chief executive Neil Gordon said: “Australia has a broad conventional energy mix with strong ambitions towards net zero, powered by carbon capture and a growing pipeline of offshore wind projects in both the west and south-east Australian regions.
“Crucially, and similar to the UK, Australia champions a just transition which builds in energy resiliency and security with opportunities in sustained oil and gas production, decommissioning, offshore wind and carbon capture.
“Supply chain companies are encouraged to bring innovative, collaborative and sustainable solutions to this diversified market.”
Commenting on the agreement, SICA cluster manager Colin McIvor said: “This MoU marks an important step in strengthening collaboration between Australia and the UK’s subsea sectors.
“By working with Global Underwater Hub, we’re opening new opportunities for innovation, knowledge sharing, and international market access for SICA members.”
Gordon added: “Decommissioning is a significant opportunity in Australia where the inventory of subsea assets requiring to be decommissioned includes over 1500 wells and structures and 4500km of pipelines with major opportunities for specialist plugging, cutting, inspection and recovery technologies.
“Meanwhile in offshore wind, largely focused on key areas in the southeast and western Australia, there are projects totalling 11GW.
“The subsea requirement for cables, foundations, survey and protection systems across upwards of 700 turbines provides a significant future opportunity for UK subsea companies.”