Oil and gas technology firm EV said yesterday it was poised for further strong growth after turnover rocketed by about 1,000% in just three years.
EV, which splits its headquarters between Norwich and Aberdeen, cited “significant international success” as the driving force behind its turnover growing by 70% to £11.25million in the year to March 31, alone.
The firm, which specialises in remote-camera and downhole video technology, said it was providing services to more than 300 customers globally.
It expects a boost from recent spending on tools and equipment, including £1.9million in 2012-13.
Further investment in the business during the current trading year is focused on research and development plus equipment. Chief executive Francis Neill said: “EV is a great success story. Our strategy of investing heavily . . . to develop industry leading technology is bearing fruit.
“Customers around the world are seeing how downhole video technology can reduce risk and help to solve problems.”
The firm has a team of about 80 employees, including 12 in Aberdeen, working from 17 bases worldwide.
During the past year EV has launched operations in Australia, south-east Asia, Alaska, California, North Dakota and most recently the Middle East.
Mr Neill said: “Our cameras have made over 1,000 runs, with a success rate of more than 95%. We continue to push boundaries and recently successfully ran a camera to over 27,000 feet in the Gulf of Mexico.”
The firm is focusing on continued “aggressive” international growth, including a push into west Africa and key markets such as Saudi Arabia and Indonesia. It sad it also had significant new technology launches planned for the year ahead.
Recommended for you
