More than 20 north-east jobs have been saved after oil and gas industry supplier Paradigm Flow Services (PFS) was rescued from administration by its parent.
PFS, based in Drumoak, Aberdeenshire, collapsed on Friday, putting all 23 jobs at risk.
Dutch owner Paradigm Group moved swiftly to set up a new company under the same name.
PFS specialises in technology for the detection, repair and prevention of subsea and topside blockages.
Founded in 2010, it claims to be the only service company providing technologies and specialist services for flow remediation of pipelines, subsea, firewater deluge and topside systems.
Last year it said it was poised to grow its workforce after netting work worth more than
£5 million during the first two months of 2017.
It also unveiled its new Flexi-Coil 2 product – the result of a £1.5m investment in research and development.
Announcing the rescue at the weekend, Paradigm Group said PFS was put into administration due to prevailing poor market conditions, compounded by delays in getting a key technology, thought to be Flexi-Coil 2, adopted by the market.
It added: “The new company… is committed to working with customers and key suppliers to minimise any business disruption in delivering its operations.
“Under a new leadership structure combined with a sizeable investment plan, Paradigm Flow Services Limited is highly confident of its ability to succeed in implementing its unique flow remediation solutions globally to maximise
the production of oil, gas and petrochemical products.”
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