A CABLE firm has won a major contract – on the same day it announced a 75 per cent increase in turnover.
Hartlepool company JDR Cables has clinched a deal with a firm called Swiber Offshore.
It will provide cable for the Champion oilfield in Brunei.
JDR will manufacture the cables needed to redevelop the field as an oil recovery programme.
The project will be handled by JDR’s existing 150-strong workforce.
The agreement will see JDR provide 10 custom-designed umbilical cables of about seven miles in length to be used in water depths of up to 100ft.
Paul Gahm, vice president of sales and marketing at JDR, said: “This contract win is the latest in a long-term relationship with Brunei Shell Petroleum, following two previous umbilical contracts for the Champion field complex.
“It confirms JDR’s position as the preferred umbilical vendor for the Asia Pacific region and is testament to the investment we have made over the last two years in our state-of-the art umbilical plant in Hartlepool.
“Our highly experienced operating team will now execute this project, which is due for loadout in mid-2013.”
Mr Joseph Chen, VP Swiber Brunei: “JDR were the only umbilical provider that was prepared to meet the tight deadlines to roll out this project in order to maximise our return from the Champion Field. We’re delighted with JDR for agreeing to work with us on this complex project with tight delivery deadlines.”
The deal is only one part of a double boost for the company.
JDR, which has a base in Greenland Road, Hartlepool, has announced its results for the nine months up to the end of September this year.
They show revenue stood at a record level of £85.6m, which is an increase of 75 per cent from the equivalent period last year.
Bosses have put it down to major deals with China, Australia and Brunei.
Company chief executive Andrew Norman said: “JDR has delivered a strong performance in the first nine months of 2012, with revenues increasing by a record 75 per cent to £85.6m.
“These results were driven by strong demand across all of our product lines, in particular demand for longer and larger subsea umbilical and power cables.
“We have also seen improved productivity following significant investments in our new manufacturing facility in Hartlepool and across the business in general.
“We are confident that the group will continue to deliver strong results to December 31, and we expect market conditions to remain favourable.”