OIL-INDUSTRY technology specialist Red Spider said yesterday it had completed record levels of work this year and was continuing to add to its workforce.
Growth equity of £7.5million earlier this year from Energy Ventures and Simmons Parallel Energy Fund is said to be helping to accelerate commercialisation and rollout of its well technology.
It is also supporting an internationalisation plan, with an initial focus on Asia-Pacific and the Americas.
Red Spider, based at Westhill, said its turnover would be about £6.5million this year with a target of hitting £20million in 2013.
The workforce has jumped by about 10 to 55 this year and is expected to hit 60 in 2011.
Chief executive Steve Nicol said: “We have a real feeling of Red Spider moving to the next level in our growth strategy.”
Red Spider’s first product, eRED, is a downhole computer-controlled valve that can be opened and closed by remote control, without the need for intervention or control lines, saving time, money and removing risk.
Other remote open-close technology products which have followed are eRED-FB and PowerBall.
Mr Nicol said that eRED had been used widely across the North Sea by a host of operators and had brought them multimillion-pound savings. He added: “It’s becoming the industry standard solution for a range of downhole applications and we are confident the new additions to the product line will be widely welcomed for subsea operations thanks to the savings and reduced risk they offer.”