Energy service company Hydro Group, of Aberdeen, said yesterday its Asian division had achieved record growth.
The firm, which designs and manufacturers underwater cables and connectors for subsea, underwater, topside and onshore applications, added the business unit grew turnover by 300% to more than £1.1million over the two years to March 31, 2016.
It said successes in the region included strategic contract wins in the Korean market, helping to put the Asian arm – operating in China, South Korea, Singapore, Malaysia and India – on course for turnover of nearly £1.4million in 2017.
Managing director Doug Whyte added: “The industry has been facing unpredicted challenges, with operators and service companies alike adjusting to a new, lower oil price.
“Our Singapore base has been influential in identifying new opportunities, which have not only supported in expanding our service offering to new clients but led to our most successful financial year to date.
“Our 2017 target turnover is in line with these competitive market conditions and will be met through aggressive marketing in China and Korea.”
Hydro Group Asia (HGA) is currently exhibiting at the Offshore South East Asia (OSEA) 2016 event in Singapore.
Mr Whyte said: “OSEA has grown significantly over 40 years. The show provides the perfect platform for us to engage with new and old customers, identify and develop relationships with new suppliers and technologies, and access the market condition for future growth.”
Hydro Group, comprising Hydro Bond Engineering, Hydro Cable Systems and HGA, employs more than 100 people globally. It was founded as Hydro Bond Engineering by Mr Whyte in 1982.
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