OSBIT powers on despite oil crisis

OSBIT powers on despite oil crisis

Northumberland-based OSBIT Power (OP) has continued to grow despite the challenges facing the UK oil and gas industry.

The firm has seen exports rise by 45% during the 20142015 financial year as it explored opportunities overseas to win new business.

For the period ending 30 September, the company saw exports account for 55% of its turnover – an increase of 7% on last year.

Despite falling oil prices the company has managed to secure a number of new contracts including two larger projects each valued in the region of £3m. 

These projects have helped the company deliver turnover of £7.43m and profits of £1.087m.

OP is now pursuing new opportunities and markets to further counter the continuing challenges facing the sector.

This includes building its presence in markets such as offshore renewables and developing new technology solutions.

Dr Tony Trapp, executive chairman of OSBIT, 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.”

During the year OP has also continued its commitment to developing its skilled workforce, which it has increased by 18%. 

Now employing 40, the company is also looking to take on a number of student placements and University graduates.