Osbit Power reveals 450% growth
North East engineering firm Osbit Power has revealed a 450% growth in turnover for the last year.
Staff numbers have increased from 19 to 32 and OP has been able to pay off all of the company start-up debts.
Managing Director Dr Tony Trapp said: “This is the year that Osbit Power earned its place among the world’s most innovative offshore engineering design and build businesses. We have worked hard and constantly pushed the boundaries to stay at the very top of our game. These remarkable results are a source of great pride at OP, and provide us with a powerful platform to build on”.
Our company strategy is to organically grow the business through providing world-class solutions to a diverse range of customers; our focus is on the offshore oil and gas, and offshore renewable industries. In achieving this growth, OP will generate wealth for the region and all staff.
“OP’s engineers are the company’s key resource. The Osbit Power team consists of a mix of experienced engineers and new recruits. Five fresh graduates joined the business this summer. Six student placements have been completed in 2014 and two of these are signed up to join the business after graduation next year”.
During the year, the company was successful in winning a number of larger contracts and has gained important customers; this includes three different Technip businesses, Subsea 7, GE Oil and Gas, Helix and Deepocean.
Technology supplied during the past year includes a walk to work system for offshore wind and a 35m telescopic gangway to connect an accommodation barge to an oil platform. Other areas of activity include launch and recovery systems for equipment and cables, fatigue test rigs and seabed trenching equipment.
The company’s performance is particularly good news for OP’s staff, as 20% of the value of the business is allocated to a share options scheme for the benefit of the entire workforce.