Hydrasun Announces Growth in Market Over Last Year

Hydrasun, announced it has seen strong growth in both its domestic and international markets over the last year.

Chief Executive Bob Drummond announced that for the current year to date there had been a rise in sales of 25% on the previous year meaning the company was forecast achieve turnover of £80million for the current financial year (to end March, 2012).

Mr Drummond said, “We always felt the move to our new £12million headquarters and production facility in January this year would be a launch pad for further growth. We continued to invest in the company during the tough market times around 2 years ago and this gave us the strong foundations to continue to expand.

“The internationalisation of our business and the development and marketing of specialist services and products complementary to the established core products have helped us achieve our key growth targets.”

The North Sea continues to be Hydrasun’s largest operating region however the company’s international sales are also a great success story. In October Hydrasun was recognised at the Northern Star Business Awards for its achievement in international business. During the first six months of this financial year Hydrasun has seen over 30% growth in international sales compared to the previous year, rising to 23% of total sales.

Mr Drummond continued: “When we moved to our new facility we intimated there would be a number of key developments – there would be an international acquisition, significantly more jobs and we would hit a turnover of £80 million for the full year to end of March 2012.

“We are achieving those developments. In November Hydrasun acquired Remaq Ltda in Brazil which has opened up significant opportunities in the offshore Brazil market. Our global staff numbers have increased by over 100 in the past 12 months to a total workforce of over 550, and with sales up 25% on the same time last year we’re well on track to hit the turnover target.”

Hydrasun has also recently won a number of key contracts both in the North Sea and overseas. Amongst others, these include a new comprehensive frame agreement with a major subsea services company for the supply of product and integrity management services, hose management services for one of the leading North Sea operators, and awards for the supply of umbilical and specialist hose assemblies for the Burullus project offshore Egypt.

 Mr Drummond added: “Hydrasun will keep developing and evolving – it has to in order to meet the needs of our customers. We will continue to grow the business in line with our plans for the next stage in our development.”

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Offshore Nieuws Staff, December 9, 2011; Image: hydrasun