ENGINEERING company Whessoe Oil and Gas is to increase turnover to £250m within the next two years after winning contracts worth a combined total of more than £500m, it was revealed yesterday.

The Darlington firm, which specialises in building terminals for liquefied natural gas (LNG) storage, is working on four major projects across the globe.

The busy order book comes after a significant period of growth for Whessoe, with further expansion likely to come as the worldwide demand for LNG increases.

The company, which employed 65 people in 2001 and had an annual turnover of £5m, now has a workforce of 400 and recorded a turnover of £160m last year.

Yesterday, managing director Jon Dale told The Northern Echo the company could see its turnover soar to £250m in two years on the back of its current order book of more than £500m.

Whessoe has £200m contracts to work on the Dragon LNG terminal, in Wales, and the Rabigh LNG Refinery in Saudi Arabia, and has a £125m commission to work on the Adriatic Energy offshore energy terminal. It is also working on the Indian Davhol Power project - a scheme Whessoe first worked on ten years ago - in a £45m contract.

Mr Dale said: "We look at where we have come from since 2001 to now, and the growth really is phemonenal. There has been quite an aggressive growth strategy, but that has been very successful.

"We are working on four major projects, as well as a number of smaller engineering projects, but they have all helped us achieve a position as one of about six major players in this sector.

"Over the period, we have increased our market share from less than two per cent to about ten or 12 now."

Mr Dale also revealed the company is looking at several potentially lucrative opportunities across the world, as it looks to capitalise on the growing popularity of LNG.

"Coming up in the future, we see there are real opportunities on projects in Holland, the US, Australia, Saudi Arabia, and they will all be considerations for us in 2008," he said.

Earlier this week, Whessoe won the titles of Growth Strategy of the Year and North-East Business of the Year at the regional finals of the National Business Awards on the back of its success.

"It's a fantastic achievement for Whessoe and we are very pleased with both of the awards. It really says a lot about the hard work that has been done here, and that we will continue to do," said Mr Dale.