Renewables Offshore wind
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uccess in business, not to mention survival, requires adaptability – and nowhere is this more evident than in the 61 inspiring case studies of transformational change featured in the fifth EIC Survive and Thrive (S&T) Insight report. Following a tumultuous year for the oil and gas industry – COVID-19, the climate change crisis and collapsing oil prices – this year’s S&T report reveals that diversification is once again the most popular growth strategy for participating member companies in challenging market conditions. Of the 45% British and 21% international participants that de-risked their revenue sources to rely less on oil and gas going forward, 25% of these companies diversified into renewables.
Move to offshore wind For AIS – an established global leader in the engineering, manufacture and application of insulation and passive fire protection systems, buoyancy, and subsea products for the energy industry – it was the stability of the complementary offshore wind market that proved appealing. “Although there was a slowdown during COVID-19, activity remained, with windfarm
change projects going ahead and offshore works continuing,” says Andi Cunningham, Business Development Manager for Renewables at AIS. “This makes it an attractive market, and one where we can transfer our existing expertise. The market has massive potential: it is relatively new, and as countries and companies understand the importance of moving away from fossil fuels, the potential growth is huge.” Indeed, AIS is anticipating that 4% of 2021 revenue will be derived from renewables – up from 0% last year. Balmoral is another example. Established in 1980, the company’s core business was tied to the subsea oil and gas sector. Today,
Diversification is again the most used growth strategy among EIC members. With oil and companies moving into the resilient renewable energy market, Editor Sairah Fawcitt looks at the shift to offshore wind
IMAGE: ISTOCK
The renewable energy industry can take advantage of the expertise evolved from years of oil and gas operations in the North Sea Emma Harrick, Energy Transition and Supply Chain Manager at Scottish Renewables
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