Europe’s energy transition goals could be at risk without more predictable investment conditions for the marine contracting sector, according to a new economic impact report commissioned by the International Marine Contractors Association (IMCA).
The study, conducted by PA Consulting, estimates that marine contracting will contribute €80 billion in gross value added (GVA) to the European economy in 2025, while supporting approximately 490,000 jobs across the continent. The sector builds and maintains offshore infrastructure critical to Europe’s energy future, including wind turbines, subsea cables, interconnectors, and carbon capture systems.
“Europe’s energy transition depends on the capabilities of marine contractors – and our members are ready to partner with EU policymakers to deliver it,” said Iain Grainger, Chief Executive of IMCA. “We need joined-up thinking and long-term policy certainty to scale up capacity and meet future demand.”
The report highlights the sector’s strategic importance in securing offshore energy infrastructure amid rising geopolitical and environmental risks. Citing recent incidents involving damage to subsea assets and GPS interference in conflict-prone regions, the study emphasizes the need for resilient marine systems.
According to the report, the sector is forecast to generate €45 billion in direct GVA and 220,000 direct jobs in 2025 alone. Productivity in the industry significantly outpaces the European average, with each job contributing €126,000 in GVA—more than 2.5 times the norm.
Marine contracting’s broader economic contribution—including indirect and induced effects—totals 490,000 jobs and €80 billion in GVA. The industry also provides over €15 billion in tax revenue and approximately €1 billion in visa fees annually to European governments.
However, industry leaders caution that scaling up to meet Europe’s 2050 climate targets will require extensive investment in new vessels, upgraded port facilities, skilled labor, and specialized equipment. The report estimates more than 10,000 offshore wind turbines must be deployed to meet long-term decarbonization goals.
Fleet shortages and regulatory uncertainty over fuels and emissions are already slowing progress. Heavy-lift vessels essential for installing large offshore infrastructure typically take four to six years to build, and few are currently on order.
“Marine contractors are ready to invest,” said Lee Billingham, IMCA’s Director of Strategy and Energy Transition. “But you can’t greenlight a €250 million to €3 billion vessel when regulators are pushing rapid decarbonisation without clarity on which fuels will be available or where.”
The report is intended to inform upcoming EU strategies, including the Energy Grids Package and the Industrial Maritime Strategy. IMCA is calling on the EU to formally recognize marine contracting as a strategic industry and provide targeted financial support to accelerate fleet expansion.
The association also advocates for reforms to training programs and visa regimes for offshore workers, and calls for a review of European shipbuilding capacity to retain economic value within the region.
PA Consulting’s Alon Carmel said the findings underscore the sector’s role in enabling net-zero infrastructure. “The sector plays a critical role installing and maintaining offshore energy assets and telecoms cables vital to our data-driven economies,” Carmel said.
Grainger added, “Marine contractors are at the frontline of Europe’s green transition. Yet Europe’s energy security and climate goals demand we build vastly more offshore infrastructure – and fast. Policymakers must recognise this sector as essential.
He concluded that marine contracting now stands “alongside Europe’s largest industries” as “a vital part of our industrial base.
