Paradigm Drilling Services secures £1 million of contracts and gears up for growth
The Aberdeenshire based firm has signed a five year lease on a 3,000 sq ft building adjacent to its headquarters on Thainstone Business Park, including workshop and office space to expand its research and development facilities, with new drilling technology to be launched later this year.
A recruitment drive is underway with more than 30 people now in place and plans for a further 10 before the end of the year including a general manager and additional design engineers.
The recent wins include new manufacture and servicing contracts for stabilisers and hole openers and rental and sales contracts in the UK, Middle East, West Africa and South America. One contract alone is valued at £500,000 for the supply of tools to a client in Mexico.
Fraser Innes, chairman of Paradigm Drilling Services said: “We have had an extremely positive start to 2012 securing new contracts, particularly in target global regions. The new unit will enable us to greatly expand our research and development team and give our engineering staff a clean assembly and test area as well as additional offices. We have filed six new patents in the last year with the main focus on enabling technology for extended reach drilling and completions.”
Paradigm Drilling Services, a subsidiary of Netherlands based Paradigm Group, reported a turnover of £2.2 million in 2011 and is expected to double this in 2012.
Mr Innes added: “Whilst we continue to offer a multi-million pound inventory of equipment for sale and rent and have robust manufacturing capabilities, there will be a much bigger focus on new tools that get to the heart of industry challenges such as horizontal drilling. We are making a big investment in designing new technology then refining and testing it to offer new solutions to the market place. This year alone the Paradigm Group is investing a further £1 million on top of our significant financial commitment.”
The company has recently been awarded an upgraded American Petroleum Institute license to include design engineering and welding as well as manufacturing and also holds both ISO 9001 and FPAL certifications.