A north-east well technology company says it is on the brink of significant growth as it chases projected turnover of nearly £20million for 2017.
Delphian Ballistics, formed in 2013, claims its perforating gun can “unlock efficiencies” and increase well flow performance by 50%.
It is currently working with partners to launch the TriStim technology globally.
Following £3.5million of investment, the Aberdeen firm’s managing director, Stuart McLeod, will pilot the product on UK and US offshore wells this year.
He said: “Whether the price of oil is high or low, this perforation gun system brings benefits to operators.
“With commitments on the UKCS (UK continental shelf) and four wells identified in the US, our rigorous technical study work has been commended by those who will be taking part in first wells in 2015.”
He added: “It can be a challenge to find early adopters of new technology in an industry that is often adverse to change.
“However, we have designed a transformational solution for the energy sector and it is already demonstrating success in development.”
Delphian is currently turning over £423,000 a year and is targeting £8.73million in 2016.
Mr McLeod has a track record for setting up successful international companies in tough economic climates, and also managed company sales and acquisitions.
He established his first oil and gas service company in Azerbaijan in 2002.
In 2005, he merged the business into energy services company Qedi and became group managing director before securing a £33million sale to engineering and project management giant Amec.
During his time at Qedi, he saw the company’s turnover rocket from £8million to £64million.
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