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News details

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... Read more>

10/Dec/2015

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