WELL SERVICESCONTRACTORSREPORT2014
page8
4. Financial Data
Companieswere asked toprovidefinancial data relating to their activity on theUKCS. This informationdoes not
include revenue from thedesign,manufactureand saleofwell equipment.
4.1. GrossRevenue
TheUKwell servicescontractorsectorrecordedgrossrevenueof$3.2billion (£2.06billion) in2013.Thisrepresents
a4.9per cent increase from2012when gross revenuewas at $3.05billion (£1.9billion); although, it is important
tonote that this increase in revenue is the resultof twoadditional companiessubmittingfinancial data for thefirst
time in this year’s report. When like-for-like financial information is compared, a 2.2 per cent decrease in gross
revenue isobserved from2012 to2013.
Figure 1 shows that the accuracy of gross revenue forecasting has significantly improved over the previous two
years. The forecast gross revenue for the sector in 2013matches the actual reported figure. For this year, gross
revenue is forecast tobe$3.3billion, aprojected increaseof 3.1per cent.
Figure1:UKWell ServicesContractor SectorGrossRevenue
The gross revenue of the sector has increased by 45.5 per cent over the period 2010 to 2013. This growth has
beenachieveddespiteadecline in thenumber ofwellsdrilled for exploration, appraisal anddevelopment on the
UKCS. The total numberofwellsdrilled, including side tracks, decreasedby6.3per cent from175 in2012 to164 in
2013,whilst since2010, the total number ofwellsdrilledon theUKCShasdecreasedby14.6per cent
2
.
100
150
200
250
300
350
400
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014Forecast
Number ofWellsDrilledon theUKContinental Shelf
GrossRevenue
GrossRevenue ($Billion)
GrossRevenue (£Billion)
Previous Year Forecast ($Billion)
Previous Year Forecast (£Billion)
WellsDrilled
Source:Oil&GasUK
2
Oil&GasUK’sActivity Survey2014
is available todownloada
Source:Oil&GasUK
