Dutch company Paradigm Group has announced the acquisition of Aberdeen energy service firm WellMack Resources for an undisclosed seven-figure sum.
WellMack’s three staff and four contractors employed by the firm will transfer to new company Paradigm Flow Solutions (PFS), which plans to grow fast by recruiting a further 20 people including engineers, technicians and supervisors over two years.
PFS, based at Altens, will join Paradigm Group, which is looking at global acquisition opportunities, to offer proprietary technologies for detection and remediation of blockages in umbilicals, pipelines, flowlines, risers and wells to the international oil and gas industry.
This deal is the latest move by Paradigm to expand its Aberdeen operations following the acquisition of parts of Stable Group out of administration last year, which resulted in the creation of Paradigm Oilfield Services.
Paradigm chief executive Fraser Innes said: “The investment and management expertise we can bring to the new company will allow for further expansion of its current operations, especially into international markets including the Far East, Gulf of Mexico and South America, where WellMack’s technologies have already been successful.”
Rob Bain, formerly a director of WellMack, has been appointed managing director of PFS and fellow WellMack director Hugh MacKenzie becomes technical director of the new company, which will relocate in about six months to Thainstone Business Centre, where Paradigm Oilfield Services is to move in July.
Simon Cowie, a partner at Aberdeen accountant Hall Morrice, who initiated the deal by bringing the parties together, said: “WellMack has developed some potentially game-changing technologies but lacked the financial resources to fully develop these to allow them to be commercialised. With the track record of both the WellMack and Paradigm management teams, coupled with the access to finance which the Paradigm Group brings, this should prove a tremendous deal for both parties.”