Aberdeen-based Hydro Group has reported record growth since financial year 2014-15 within its Asian division, due to strong demand from domestic markets.
The subsea cable and connector specialist announced significant growth in its Asia market activity, with a 300% increase in turnover from $700,000 SGD to more than $2 million SGD over the past two financial years to 31 March 2016.
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, Managing Director, Hydro Group, 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.”
In recognition of its growth, Hydro Group Asia will meet members from Aberdeen Council tomorrow (1 December) at the Offshore South East Asia trade show in Singapore.
As part of the Aberdeen Council visit to the Far East, 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.