The Offshore Valuation Group

ABERDEEN, Scotland, May 19, 2010 - - Valuation suggests that the offshore renewable energy industry in the UK, using less than a third of the total available resource, could: - generate the electricity equivalent of 1 billion barrels of oil annually, matching North Sea oil and gas production - create 145,000 new jobs in the UK and provide the Treasury with GBP28 billion in tax revenues annually - ensure Britain could become a net electricity exporter - result in cumulative carbon dioxide savings of 1.1 billion tonnes by 2050 - Report lays out key steps to set UK on a path to access this valuable resource The Offshore Valuation is published today by the Offshore Valuation Group.