Enpro Subsea has announced a research and development grant from Scottish Enterprise which will see the firm investing £1.5 million ($1.87 million) to develop its flow assurance technology further to address emerging markets in deeper waters.

The news came as Scottish Enterprise revealed a new Subsea Engineering Action Plan with the aim of capturing an even bigger slice of the current £50 billion global subsea market. Scottish Government Minister for Business, Innovation and Energy, Paul Wheelhouse, visited oil and gas firm, Enpro Subsea Ltd to announce its new £1.5 million investment to support innovation, a key theme of the plan.

Scotland already accounts for around 14 per cent of the global subsea market, comprising approximately 370 companies generating an estimated turnover of £7.5 billion. Supported predominantly by the oil and gas sector, with the right investment and support, the world-renowned skills and knowledge developed in Scotland have the potential to extend into sectors such as construction and defence to truly maximise the significant opportunities for Scotland from this global market.

Increasing business innovation, research and testing infrastructure will also be a key factor of the plan’s success and will see Scotland’s economic development agencies continue to support high levels of subsea related investment in the future.

Recognising the importance of innovation for company growth, Aberdeen-based Enpro Subsea Ltd is to invest £1.5 million in a new research and development project aimed at helping to improve production, by maximising economic recovery from existing subsea wells and in turn reduce costs for the operating companies.

Scottish Enterprise’s offer of a £755,000 R&D grant towards the project costs will help the company design, develop and test new technology adding to its Enhanced Subsea Sampling and Injection (ESSI) range of products.