Member Article

Northumberland subsea energy firm reports 45% surge in exports

Northumberland-based OSBIT Power (OP) has revealed a 45% increase in its exports for the financial year.

For the period ending September 30 2015, the subsea energy and offshore technology firm’s international business soared, with exports making up 55% of its turnover altogether.

Despite the steep drop in the oil price, which has had an industry-wide impact on performance and limited the demand for design and build systems and equipment, the company secured a number of new customers and won a number of contracts including two larger projects each valued in the region of £3m. These projects helped the company deliver turnover of £7.43m and profits of £1.087m.

OSBIT, which has its head office in Riding Mill, Northumberland, is pursuing new opportunities and markets to further counter the continuing impact of the poor market conditions in the oil & gas sector.

This includes building presence in markets including offshore renewables and developing new technology solutions.

Dr Tony Trapp, Executive Chairman at OSBIT Power, said: “Our performance demonstrates we have a very sound business in the face of what is undoubtedly a very tough and challenging market.

“OP is in a good position to strengthen during the current market difficulties while providing excellent customer value. When good market conditions return the company will be very well placed.”

He added: “I wish to thank OP staff for their achievements and their fortitude over this challenging year and the pleasure that so many provide by their energy, enthusiasm, determination and good humour to deliver excellence. I also want to thank my fellow directors for their support and encouragement during this current purgatory.”

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