Business intelligence provider GBI Research recently released a report that predicts an average annual growth rate of 6.9% in European offshore drilling expenditure. Norway is expected to play a significant role in the growth, which will take the total expenditure from $10bn to $12.8bn in 2016.

The report contains a detailed analysis of offshore drilling data from countries across Europe including Denmark, Russia, the Netherlands and the UK, using historical trends to create a projection of the continued prosperity in the industry.

The expected emergence of Norway as a new hub for offshore drilling in Europe will rely on the successful completion of a series of development projects that have been planned over the next two years. Together with the UK, these countries hold the majority of the oil wells in the region and account for around 75% of the expenditure in Europe.

Here at Apex Hydraulics we have close ties to many offshore projects, providing bespoke hydraulic pumps and cylinders as well as carrying out vital repairs in an impressively quick turnaround time. We are always keen to stay up to date with the latest developments in the industry, to ensure that we can offer our customers a genuine level of expertise and guidance every time we work together.

If you’d like to find out more about the full range of products and services we have to offer, take a look around our website or contact us to speak to a member of our friendly team. Call us on +44 (0)1924 456788 or fill in our online enquiry form and we’ll get back to you as soon as possible.