A North East engineering firm has seen its recent success recognised at a national awards ceremony.
Gateshead firm Express Engineering, a global leader in manufacturing, assembly and testing solutions for the subsea oil and gas industry, has seen its growth and product development success recognised at the British Private Equity & Venture Capital Association’s (BVCA) Management Team Awards, where it won the Mid-Market Management prize.
The company was hit hard by the downturn in the oil and gas market and had to lose more than a third of its 190-strong workforce in 2016.
But its fortunes have turned around and its order book has trebled in the last 15 months under chair Chris Thompson.
Express Engineering was praised for earnings’ growth, creating dozens of new jobs and introducing a new range of subsea oil and gas products.
The company is seeing a strong performance this year, with revenues on target to exceed £30m, winning new orders in March as it maintains a strong operation during the COVID 19 crisis.
It is also investing in partnership with UK Land Estates in a new £3.5m assembly and test facility as part of a strategy to expand services for the oil and gas sector.
The new centre is expected to open late this year, creating skilled engineering jobs.
Managing director Gary Thirlwell said: “Winning this award is testament to the hard work the team have put into growing the business and I am extremely proud of our performance.
“The investments we have made in new facilities, technology and people to provide sector leading customers with the best quality subsea products has been recognised.”
The BVCA Awards are an annual showcase for the best businesses in the UK backed by private equity and venture capital.
Express Engineering’s growth was recognised by the award judges, who said: “The management team has successfully transformed the business, returning it to profitability and substantially growing its revenues, as well as its headcount.
“We were impressed with the scale and speed of the transformation.”
Working with customers like TechnipFMC, Baker Hughes and Aker Solutions, Express Engineering is a significant exporter of products, operating in areas including the North Sea, Gulf of Mexico, east coast of Brazil, east and west coasts of Africa and Australasia.
