Hydro Group expands in Asia
SINGAPORE -- Aberdeen-based Hydro Group, a global design 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 $1.3 million 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 $6.5 million in 2011 to over $7.8 million 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 Bboepd; 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.”