Norway’s subsea sector remains resolute in its mission ///

Oil and gas are a lynchpin of the Norwegian economy. According to the most recent estimates from the Norwegian Petroleum Directorate (NPD), activity on the Norwegian Continental Shelf (NCS) accounts for 52% of the country’s export revenues, 23% of GDP and 30% of governmental revenues. So, it is no surprise that the sudden, dramatic decline in global oil prices has delivered a sucker punch to not only Norway’s E&P industry, but to the entire Norwegian economy. In turn, a major component of the nation’s upstream industry is the subsea sector. Over the last four to five years, according to NPD, production from subsea wells has exceeded output from platform wells, and that trend is expected to continue. In addition, Norway is considered a leader in subsea technology development, with a number of Norwegian firms engaged in leading-edge R&D projects.

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