Drilling firm Paradigm Drilling Services has received a £5million cash injection from two new investment partners as they look to expand in the region.
The company has received the investment package from Buckthorn Partners and Saudi Aramco Energy Ventures (SAEV)’s corporate venturing branch, Saudi Aramco.
Paradigm said it hopes to employ 10 new members of staff to their team of 52 within the next six months.
The drilling and intervention technology specialists hope the move will enhance their product portfolio, extend its geographical activity and support their research and development activities.
Paradigm is aiming for a turnover of £10million this year, a projected rise of 54% on last December’s £6.5million end-of-year figure.
As the company strive to expand their portfolio, more funding for future acquisitions could become available.
The company runs a facility in Thainstone, just outside Inverurie, and are planning to open another large facility in Aberdeen as a base for drilling tools, and research and development.
Fraser Innes, Paradigm managing director, said: “We are delighted to welcome Buckthorn and SAEV as investors in our business. Despite the gloomy market conditions at present, we have an exciting range of growth opportunities ahead in technical and geographic terms.
“With the support of our new investors we will also accelerate the development of our Horizontal Drilling System which has the potential to change the way that all horizontal wells are drilled. Technology like this will be essential to improve the economics of drilling horizontal and extended reach wells and this is more relevant today than ever.”
Buckthorn managing partner, Mark Chaichian, said: “We are delighted to be investing in Paradigm Drilling Services. The company represents exactly the type of business in which we look to invest.
“There is a clear plan for use of capital to drive growth that is underpinned by a strong market position and product line.
“The management team has a proven track record for success and is committed to taking the company to the next stage. We very much look forward to working with Saudi Aramco Energy Ventures and Fraser and his team in building a very successful company together.”
Chief executive officers of SAEV, Nabil Al-Khowaiter, said: “We are delighted to have completed this investment in Paradigm Drilling. This is a company with a very strong team and slate of commercially available products today, while the extended reach drilling systems being developed should be truly game-changing for demanding drilling applications.”
Recommended for you
