It’s fair to say that for many industries, 2020 has brought some unexpected surprises and challenges. But for those working predominantly in the oil and gas sector, the global economic downturn we are experiencing as a result of Covid-19 has had some potentially long-term effects for the industry and the need to consider diversification has never been more apparent.
We’ve already seen some of big players in the industry like Shell and most recently, BP, invest in renewable energy and not only will it be good for the environment, as a company who began our diversification a number of years ago, it’s also good for business.
Making the transition
When Cathie was first formed back in 2008, the majority of our turnover came from the oil and gas market and it wasn’t until a few years later, at a time when we were beginning to consider the sustainability of our business, that we witnessed Round 3 tendering of offshore wind developments in the UK. Due to the huge scale of the exercise, it started to change the strategic thinking of many supply chain companies, including ours.
With Europe leading the way in renewable energy thanks to its sympathetic policy framework, development-friendly marine areas and good wind resources, it was a natural place for the sector to grow. And, due to the locations of our offices, we were exposed to opportunities from the beginning, meaning offshore renewable energy projects started to become part of the natural flow of work coming into Cathie.