UK can become a world-class hub for decommissioning oil platforms: Decommissioning Brent oil and gas platform in the North Sea gives British companies a unique opportunity to develop specialist skills and expertise in safe removal and recycling of oil platforms and pipelines ... Over the next 30 years, almost all the 470 offshore installations in the North Sea’s UK Continental Shelf, such as platforms, will need to be decommissioned ... That means expenditure of between £35bn and £50bn, at least as much as the UK government plans to spend on our railway network over the next five years.Brent - ah, I remember the Brent complex, there are old oilman's Brent stories as interesting as for North West Hutton (and I may swing the red lamp & tell them some day). The beauty of this decommissioning binge, is that it is mostly pre-financed: companies are obliged to make provisions for decommissioning. So - a big wave of industrial expenditure, much of it to be given to UK yards (we are quite good at this type of thing, although so are the Dutch), coming at just the time when spending on new platforms is significantly under the cosh from the low oil price.
I say 'pre-financed': liquidating a reserve can of course be a challenge for the corporate treasury, but that's just a treasury challenge, and the banks are up for that sort of thing.
An upbeat note for the weekend. Good luck to the Red Rose boys in Cardiff !