Chelmsford: Further consolidation in the subsea sector is “inevitable”, according to one of the key architects of recent mergers in the segment.
Global Marine Systems, which was taken over by HC2 Holdings in 2014, has a legacy that spans 160 years in the telecommunications market. The business today though, is also immersed in other sectors supporting the digital requirements of the oil & gas market – fulfilling their demands for fibre to platform connectivity and undertaking a variety of projects that require the installation and burial of subsea cables. It also provides vessels for the offshore power market.
“In terms of consolidation, to a degree this is inevitable, a combination of which is being led by the oil and gas slump, and the ability today to acquire assets at a reduced cost,” says Ian Douglas, Global Marine’s ceo. “Also, customer demands are changing,” he adds, “with an emphasis for a single provider for their total subsea engineering provision and this is likely to impact on the structure of the industry of tomorrow.”
Last month, Global Marine acquired offshore renewables specialist CWind.
“Our focus remains on delivering exceptional subsea engineering services to customers across our core markets from both an installation and an ongoing maintenance perspective,” Douglas concludes.