Hydro Group thrives despite oil price crisis

AN Aberdeen-based engineering firm that produces cables used in the oil and gas industry is expanding in the city despite the downturn in the North Sea triggered by the crude price plunge.

Hydro Group has invested £2 million in developing a new production facility under plans to broaden its offering. The plant will house a new armouring line and a pressure-testing area.

Managing director Doug Whyte said the group has benefited from offering specialist products that are in demand in a range of industries.

He said: “Having a diverse portfolio of clients across a range of sectors, including oil and gas, renewables and nuclear, has enabled us to forge ahead, despite the downturn in the oil and gas industry, and our involvement in and commitment to these various areas has resulted in a number of contracts already secured for 2016.”

Hydro Group increased pre-tax profits to £1m in the year to March 2015, from £0.6m in the preceding year. Turnover increased to £8.7m from £7.3m.

The group employs more than 100 people.

The armouring line will allow Hydro to manufacture mechanically protected cables which can withstand higher stresses in subsea and defence operations.

The 13,700 square foot base on the Aberdeen Energy Park will increase Hydro’s floor space by 30 per cent. It bought the land required from Buccleuch Property and Moorfield Group.