Hydro Group Opens New Singapore Office
- Business & Finance
Aberdeen-based Hydro Group Plc, a global designer and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications, sets sights on further international growth with opening of new Singapore office.
Singapore currently represents Hydro Group’s second largest export market, with the Group identifying more than £1million of potential sales in the region per year.
The new office will support Hydro Group’s increasing presence in South East Asia and offer its range of subsea optical cables, electrical cables and connectors to the wider energy and defence markets in the region.
Doug Whyte, Hydro Group managing director, said: “The Group has had representation in Singapore for some time, but with an increasing number of our key clients based throughout South East Asia, significant growth in demand for local support from our customers and the expansion of exploration activities in the region, it is vital to our international growth plans to open our first office in the area.”
Headquartered in Aberdeen, Hydro Group currently employs around 80 staff and saw turnover rise from over £5million in 2011 to over £6million 2012.
In recent years, oil and gas has accounted for more than 60 percent of the Group’s sales and consolidating its position will facilitate development of stronger links with the energy sector in South East Asia.
Importantly, Malaysia has the 21st largest crude oil reserves with total domestic reserves estimated to be 20.9 billion barrels of oil equivalent; Malaysia and Indonesia combined produce approximately two thirds of the annual UK and Norway oil and gas output.
Steve Ang, who will head-up the Hydro Group Singapore office, said: “Opening our new Singapore office is a proactive response to industry demand and will enhance our delivery of services, generating business growth, as well as allowing us to have more direct contact with our customers and expand our network throughout the South East Asian region.”
Hydro Group, an energy-service firm made up of Hydro Bond Engineering and HydroCable Systems Ltd, is a major national and international supplier of harsh environment engineered products to the offshore oil and gas, defence, oceanographic, renewable energies, diving and ROV/AUV markets.
Press Release, March 12, 2013