Well services revenue reaches record £1.9bn in 2012
- 23 May 2013
- From the section Scotland business
The UK well services sector's revenue in 2012 was the highest since records began in 1996, according to a new survey.
Industry body Oil and Gas UK said companies delivering drilling, completion, testing and maintenance for oil and gas wells generated £1.9bn.
The survey also revealed an increase in new recruits.
Oil & Gas UK's Oonagh Werngren, said: "Well services contractors achieved robust growth."
The operations director added: "The higher than expected rise in gross revenue could be attributed to a number of factors ranging from increased exploration and production activities since 2011 to the growing number of technically complex wells that require the specialist knowledge of well services contractors.
"The sector is, however, competing with other booming oil and gas provinces around the world, with respondents reporting a 19% rise in the number of UK employees working overseas to deliver well services outside the UK.
"Attracting, retaining and engaging skilled personnel here in the UK represents a challenge to the industry, one which is being addressed, together with government, to ensure that this sector, alongside others, can continue to flourish."