Oil and Gas UK, the trade association for UK offshore oil and gas industry, in a survey has reported that the well services sector in the industry has registered record growth in 2012.
In the survey, the association reported that the companies involved in the drilling, completion, testing and maintenance for oil and gas wells have generated gross revenue of GBP1.9bn ($3.05bn) in 2012, which is the highest since records began in 1996.
With growing oil and gas activity on the UK Continental Shelf, the total number of technicians and graduate engineers hired by well services contractors has also increased.
In addition, the well services sector have increased its investment on equipment and technology by around 5% from $178m to $186m.
Oil & Gas UK operations director Oonagh Werngren said the well services contractors have yet again recorded positive growth and contributed to the economy and innovation, while creating new jobs.
"The higher than expected rise in gross revenue could be attributed to a number of factors ranging from increased exploration and production activities since 2011 to the growing number of technically complex wells that require the specialist knowledge of well services contractors," Werngren added.
The survey further noted that safety changes in offshore activities have encouraged the growth.