WIREDGOV

Scottish-based oil and gas firm, Hyspec Engineering Holdings Ltd, is to create over 80 new jobs as it embarks on a new £10 million expansion project First Minister Alex Salmond announced today (September 29, 2014).

Hyspec Engineering Holdings Ltd. will relocate to new, state-of-the-art premises at Moorfields Industrial Estate in Kilmarnock. The investment aims to increase Hyspec’s manufacturing capabilities and contribute to an overall rise in revenue of almost 130% by 2018 to £28 million.

Following a meeting with Hyspec Engineering Holding Ltd General Manager Jim English during his business programme at the 2014 Ryder Cup, the First Minister said:

“Kilmarnock has a number of high-profile projects that are contributing to the on-going regeneration of the town and Hyspec’s expansion and employment plans will add positively to that.

“This expansion is testament to the attractiveness of Scotland as a location for investors, thanks to the skills of our people, a competitive cost base and a well-developed business infrastructure.

“This is a fantastic jobs boost for Kilmarnock and we look forward to working with this rapidly expanding company as they continue to grow and prosper in Scotland.”

Hyspec Engineering Holdings Ltd General Manager Jim English, said:

“The grant will help support our 5-year business plan. Where it’s our intention to grow our site by 100% in revenue terms, coupled with vertical integration in new advance technologies, and securing an additional 84 engineering personnel, to a cost of £11 million approximately, over the 5 year period.”

Lena Wilson, Chief Executive, Scottish Enterprise, said:

“The market for oil and gas equipment and services is worth almost £260 billion globally. In 2012 it grew by over 30 per cent and is expected to continue to grow to just over £400 billion by 2017. This represents a huge opportunity for both Hyspec and the rest of the oil and gas supply chain and SE is working to ensure our economy benefits from a share of this market.

“A supplier to the global oil and gas market, Hyspec Engineering Holdings Ltd recognises the importance of investing in its business to both grow and remain competitive.

“This exciting new project is testament to the company’s ambitious and forward thinking management team, the results of which will make a significant contribution to the company’s long term growth ambition.”

Notes To Editors:

Hyspec received an RSA grant of £1.1m