A north-east drilling services company has won a contract in Latin America worth an estimated £3.5million.
Paradigm Drilling Services said it plans to open a new sales office in Mexico to service its growing business in the region.
The three to five-year deal will see the Dutch-owned business provide a “major oilfield service company” with specialist equipment in Latin America.
The firm said it was unable to disclose the name of its client.
Paradigm, which is based at Thainstone, near Inverurie, will supply downhole drilling tools to the firm.
The contract will accelerate the company’s ongoing business development activities in Latin America – a region that is expected to account for a fifth of total revenues for Paradigm this year, the company said.
The company hired Argentinian national Marino Sasso as a sales manager to drive its business in the region a few months ago.
The company also plans to expand its facilities in Thainstone.
Paradigm Drilling Services chairman and CEO, Fraser Innes, said: “We have been working hard to develop a strong presence in the Latin American market.
“We are investing a further £1million of capital in 2014 into novel horizontal drilling technology and hole enlargement tools. A key part of our strategy is to open an additional facility in Aberdeenshire at the start of 2014 specifically to support our growing range of specialist drilling tools.
“This is expected to create several additional full-time positions for engineering and technical staff throughout the year.”
Paradigm, which employs about 45 people and has annual turnover of £4million, is a subsidiary of Netherlands-based Paradigm Group.
Earlier this year the Netherlands group acquired GeoKey, based in Aberdeen and Edzell, Angus, in a multimillion-pound deal.
The acquisition was the group’s third since its inception in 2009.
Paradigm Group is expected to report revenues of around £20million this year, and predicts this figure will double over the next two years.
The drilling services company doubled its income last year.
It turned over nearly £4million in 2012, up from £1.9million in the previous 12 months.
A north-east drilling services company has won a contract in Latin America worth an estimated £3.5million.
Paradigm Drilling Services said it plans to open a new sales office in Mexico to service its growing business in the region.
The three to five-year deal will see the Dutch-owned business provide a “major oilfield service company” with specialist equipment in Latin America.
The firm said it was unable to disclose the name of its client.
Paradigm, which is based at Thainstone, near Inverurie, will supply downhole drilling tools to the firm.
The contract will accelerate the company’s ongoing business development activities in Latin America – a region that is expected to account for a fifth of total revenues for Paradigm this year, the company said.
The company hired Argentinian national Marino Sasso as a sales manager to drive its business in the region a few months ago.
The company also plans to expand its facilities in Thainstone.
Paradigm Drilling Services chairman and CEO, Fraser Innes, said: “We have been working hard to develop a strong presence in the Latin American market.
“We are investing a further £1million of capital in 2014 into novel horizontal drilling technology and hole enlargement tools. A key part of our strategy is to open an additional facility in Aberdeenshire at the start of 2014 specifically to support our growing range of specialist drilling tools.
“This is expected to create several additional full-time positions for engineering and technical staff throughout the year.”
Paradigm, which employs about 45 people and has annual turnover of £4million, is a subsidiary of Netherlands-based Paradigm Group.
Earlier this year the Netherlands group acquired GeoKey, based in Aberdeen and Edzell, Angus, in a multimillion-pound deal.
The acquisition was the group’s third since its inception in 2009.
Paradigm Group is expected to report revenues of around £20million this year, and predicts this figure will double over the next two years.
The drilling services company doubled its income last year.
It turned over nearly £4million in 2012, up from £1.9million in the previous 12 months.
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