PressureFab Group, a supplier of transport and development equipment for the offshore oil and gas industry, will invest £935k to upgrade its Scottish facility, which will create 25 jobs over the next two years.
The upgrade will enable PressureFab Group to take advantage of future demands from the oil and gas industry, as well as the emerging renewable energy sector.
In support of this investment, the company has been awarded a £250k Regional Selective Assistance grant from Scottish Enterprise.
Hermann Twickler, managing director of PressureFab Group, said: “This investment package is urgently required to sustain further growth for the group and to enable us to compete on the world market, as well as within the Scottish offshore sector.
“PressureFab Group is also now ready to handle any new challenges and opportunities that the developing renewable industry may bring.
Part of the investment will be used to purchase heavy duty CNC plate forming and rolling machinery, as well as industrial coating and shotblasting facilities. These additions will enable PressureFab Group to improve productivity with an aim to double capacity and production output.
Since it moved into its Scottish facility two years ago, the firm has created nearly 40 new jobs in Dundee. Mr Twickler added: “We are currently recruiting for several positions, including at least ten welders, and hope to increase our staff numbers by more than fifty per cent over the next two years.”
Scottish energy minister Fergus Ewing said: “Scotland’s oil and gas sector leads the world, and makes an immense contribution to our economy, thanks to our expertise and innovation. With more than half of the value of the North Sea’s oil and gas reserves yet to be extracted, oil and gas will remain an enormous economic resource for decades to come.
“The Scottish Government’s oil and gas strategy promises increases in public sector support to companies with significant growth prospects.”