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UK Business Minister Michael Fallon said: "This report highlights what a success story the subsea sector is.
"The oil and gas industry is currently the single largest employer in the subsea sector, and over the next decade massive developments will create a large volume of employment in the offshore renewables sector," according to its website.
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Its engineering wing saw revenues in the first six months increase by about 13%, with growth across a number of sectors including upstream, subsea and pipelines and downstream.
The oil and gas sector worldwide relies heavily on subsea sealing technology.
JDR Cable Systems, whose plant is in Hartlepool, has been awarded the contract for the supply of subsea power cables for the growing offshore renewable energy sector, which it hopes will create 150 new jobs; while the new £250m Ensus biofuels plant on Teesside, Europe's largest wheat biorefinery, has created 100 new jobs, with a further 2,000 across the supply chain.
Engineering and production facilities offers a range of engineering services to the upstream, subsea and pipelines, downstream and industrial, and clean energy sectors.
The sector was enlivened by news that Olso group Acergy was buying rival Subsea 7 in an all share deal, with John Wood up 11.5p at 332.8p, Wellstream 19.5p better at 562.5p and Lamprell lifted 13.6p to 241.2p.
Sunrise sectors of the Question Marks are most noticeable: (1) Oil and gas exploration, (2) subsea technology, and (3) safety and rescue products (more than 50%% of the respondents).
It reveals a dramatic subsea environment.
Odyssey has its eye on subsea minerals.
This allows fishermen to locate the subsea structures precisely.
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