Engineering firm OSBIT Power has announced plans to expand its workforce after lining up more than £10m of new projects during the last nine months.
The company, established four years ago at Riding Mill in Northumberland, has secured 23 contracts with nine customers, including some of the largest offshore contractors in the world.
Ranging in value from £5,000 to £3m, most are for the design and build of complex offshore systems.
In light of such successes, the firm is now hoping to recruit eight new employees, taking headcount to 43.
When first established, OSBIT Power targeted the offshore wind market, developing the MaXccess system to aid the safe transfer of workers from offshore turbines to small boats. This remains the only such system to be successfully deployed commercially, with customers including Siemens, Statoil, Dong and Marubeni.
More recently, however OSBIT has expanded into the wider offshore oil and gas markets - as well as the tidal stream, submarine telecom and defence sectors.
This year, it is aiming for a dramatic increase on the £1.4m turnover it reported in 2013.
Recent projects have included the provision of a 150t shock absorber for Technip; a 35m MaXccess P35 gangway for Subsea 7 in a joint project with Tyne Gangway; and a 60t SWL trenching vehicle launch and recovery system, which is due for delivery in November.
The company has also recently delivered a cable lay deck spread and quadrant to Technip Offshore Wind, which is working on a Dong Energy windfarm at Westermost Rough. A 200t fatigue test rig is likewise being delivered to a major product supplier this month, while Marubeni, currently operating at Fukushima in Japan, will receive a MaXccess T18 wind turbine access system.
OSBIT will also be providing twin ROV launch and recovery systems in a project due for delivery in January 2015.
The company now says its goal is to attract outstanding engineers to the region and help to retain capable students, encouraging them to work locally and keep supporting the North East economy.
Managing director of OSBIT Power, Tony Trapp, said: “These are all large scale and high-profile projects right across the world.
“Our name stands for On Specification, Budget and In Time, and our success hitting those targets will help turn the spotlight on the North East as a centre of excellence for cutting-edge offshore engineering and confirm OSBIT Power as a market leader.
“After only four years, we have already gained a solid reputation for tech-driven solutions. It helps that we are a small and agile firm that can respond quickly to clients’ demands.
“The order book we have runs well into next year and has been made possible by the skills and experience of our 35-strong team here at OP.
“There are also six university placement students working here now, and they are taking significant responsibility on some major projects. Four Newcastle University engineering graduates will join this summer.”
A major part of the firm’s ethos involves creating wealth for all who work in the business and ensuring benefits are spread throughout the workforce via a company share option scheme.
“This is a clear example of how the firm is creating a legacy of work that will help OP and the whole sector continue to grow,” Trapp added.