Economic Report 2020

ECONOMIC REPORT 2020

CASE STUDY: Wood

CASE STUDY: Petrofac

In recent years, Wood has successfully broadened its business froma traditional oilfield services provider into an engineering and consultancy company operating across energy and the built environment. Today, Wood offers a blend of consulting, projects and operations solutions in a range of end markets. This includes a fast-growing renewables business where it has been involved in over 30GW of solar projects and supported 20 per cent of the total installed global wind capacity; world-class decarbonisation capabilities having completed more than 130 CCS studies in the last 30 years; and a market-leading position in hydrogen, having licensed, designed and installed over 120 hydrogen units globally. At the same time, Wood remains committed to the oil and gas sector and is actively partnering with operators to help them achieve their energy transition goals. This includes using renewables to electrify platforms and developing decarbonisation strategies to reduce the carbon intensity of upstream and downstream activities.

Global services company Petrofac believes the requirement for technical and project management excellence, and scalable procurement expertise, is not just pronounced by the Energy Transition but critical to achieving it. In the UK it is demonstrating the relevance and transferability of its skills on the Acorn Project – Scotland’s ambitious CCS and hydrogen programmes – where it is supporting the project team to establish the same best-practice project management and reporting tools that would be deployed on any major CAPEX project. Petrofac’s support role on Acorn is one in a recent succession of exciting projects that demonstrate an active expansion of the group’s new and renewable energy portfolio, which focuses on offshore wind, CCS, hydrogen and solar.

CASE STUDY: Ecosse IP

Ecosse IP develops technology-based solutions for use across the subsea energy sector. Its Ambient Lifter technology has been developed to lift, lower or manoeuvre any subsea object - just one example of technologies developed in the oil and gas industry being applied elsewhere, including use in the floating wind and salvage industries. The Ambient Lifter can be applied to a wide range of objects and weights, from one to thousands of tonnes and is a low-cost and efficient solution, providing cost savings of up to 40 per cent, and the ability to operate in varying sea conditions. This technology also provides significant safety and risk benefits due to the reduced need for offshore diving.

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