The 30th Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG UK, reveals that around 45% of contractors have increased investment spend in the UK Continental Shelf (UKCS) in the past 12 months. Almost half (47%) report they have either started to use artificial intelligence or will do so in the next five years.
Top findings include:
- Highest level of investment in R&D since 2006/07 with spend projected to continue
- 72% of firms forecast an increase in profits in 2019
- 90% are optimistic about Aberdeen’s long-term future as a global energy hub
An overview from Moray Barber, partner at KMPG