Aberdeen-headquartered Hydro Group Plc, has reported record growth since financial year 2014/15 within its Asian division, due to impressive demand from domestic markets.
The subsea cable and connector specialist announced significant growth in Hydro Group Asia’s market activity, with a 300% increase in turnover from $700,000 SGD to more than $2million SGD over the past two financial years to 31 March 2016.
Particular highlights have included exploring and targeting new regions, resulting in strategic contact wins within the Korean market. The contracts mean Hydro Group Asia is on course to meet its turnover target of $2.5million SGD for 2017.
Doug Whyte, Hydro Group managing director, said: “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.”
In recognition of its growth, Hydro Group Asia will meet with key members from Aberdeen City Council’s Scottish delegation on the 1st December, during Offshore South East Asia (OSEA) 2016. Part of the Council’s trade mission, the delegates are gathering market intelligence and establishing connections within the market to establish the potential level of opportunity for local companies in building trade links with Singapore.
Continuing, Mr Whyte said: “OSEA has grown significantly over 40 years, and with an Asian subsidiary, 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.
“We are increasingly being asked for complex designs, and have had the chance to successfully complete a number of key projects, increasing our global portfolio. Having been in business now for 34 years, our engineer’s extensive knowledge and expertise, along with our position in the market, are a perfect fit for further international expansion and company growth.”
Hydro Group employs more than 100 full time staff worldwide and operates on a global platform providing total solutions to a portfolio of prime contractors, major operators, OEM's, defence agencies, defence organisations and the UK MOD.