Scottish-based oil and gas services firm Hyspec Engineering Holdings has today confirmed that is to create over 80 new jobs – almost doubling its current workforce – as it embarks on a new £10 million expansion project.
Hyspec will relocate to new, state-of-the-art premises at the Moorfields Industrial Estate in Kilmarnock. The investment aims to increase Hyspec’s manufacturing capabilities and contribute to an overall rise in revenue of almost 130% by 2018 to £28 million.
Jim English, General Manager, Hyspec Engineering, said: “The Scottish government grant will help support our five-year business plan.
“It’s our intention to grow our site by 100% in revenue terms, coupled with vertical integration in new advance technologies, and securing an additional 84 engineering personnel, to a cost of £11 million approximately, over the 5 year period.”
The market for oil and gas equipment and services is worth almost £260 billion globally. In 2012 it grew by over 30% and is expected to continue to grow to more than £400 billion by 2017.
Hyspec also has plans to diversify beyond its traditional Oil & Gas stronghold into other energy markets – including nuclear and renewables.
Alex Salmond, Scotland’s First Minister, commented: “Kilmarnock has a number of high-profile projects that are contributing to the on-going regeneration of the town and Hyspec’s expansion and employment plans will add positively to that.
“This expansion is testament to the attractiveness of Scotland as a location for investors, thanks to the skills of our people, a competitive cost base and a well-developed business infrastructure.
“This is a fantastic jobs boost for Kilmarnock and we look forward to working with this rapidly expanding company as they continue to grow and prosper in Scotland.”
A spokesman for Scottish Enterprise added: “This represents a huge opportunity for both Hyspec and the rest of the oil and gas supply chain and SE is working to ensure our economy benefits from a share of this market.
“A supplier to the global oil and gas market, Hyspec Engineering Holdings Ltd recognises the importance of investing in its business to both grow and remain competitive.”
Currently Hyspec Engineering is recruiting staff for the following roles:
- Planning Engineers
- CNC Millers and Turners
- Quality Inspectors
- EDM operators
Meanwhile, up to 16 new jobs are to be created in Dumbarton by Diamond Power Speciality Ltd – the Scottish subsidiary of the US-based company which specialises boiler-cleaning for the power generation industry.