As momentum picks up toward a lower-carbon world, subsea technology providers are seizing opportunities in new spaces such as offshore renewables, while fostering continued improvement in the oil and gas space.

Some oilfield service companies are already crossing over—if they haven’t already—applicable subsea technologies and skillsets typically used during oil and gas production to offshore wind, carbon capture and storage, and geothermal energy. Although the oil and gas sectors still represent for the largest market for subsea players, offshore renewables are gaining attention. Business strategies are being reshaped, and R&D efforts are underway.

The pickup comes as some of the industry’s largest traditional oil and gas companies ratchet up investments in wind, solar, geothermal, CCUS and other green technologies. It also comes amid pressure from investors, governments and others concerned about climate change calling for sustainable energy production and smaller carbon footprints.

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