According to the Journal, industrial activity could increase due to pressing demand for gas, oil and other energy sources, with Subsea North East pointing to recent growth and predicting more will take place in the future.
The industrial heritage and technological innovation that exists in the region is riding the crest of a wave created by the global demand for fossil fuel and energy in general
George Rafferty
Chief Executive
NOF Energy
The organisation, which represents the interests of the area's underwater gas and exploration field, said the sector is expected to double over the next five years, to reach 100 firms and employ up to 10,000 people.
Chris Braithwaite, Chair of the body, told the newspaper that the industry is growing at 15 per cent and predicted satellite and supply businesses will be drawn to the region, in a similar way to the automotive industry.
Find out more about business in North East England
In addition, George Rafferty, NOF Energy Chief Executive, said the region "leads the field" when it comes to underwater exploration and development.
He told the newspaper: "The industrial heritage and technological innovation that exists in the region is riding the crest of a wave created by the global demand for fossil fuel and energy in general.
On October 1st, Subsea North East held an event to examine the future of the subsea sector and showcase the achievements that have been made in the region.
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