SPECIALIST technology company Red Spider is in contention for an international award.
The firm, based at Westhill, near Aberdeen, is a finalist in the World Oil Awards 2011.
It has been shortlisted for the best deepwater technology award category with its remote open-close technology eRED.
Red Spider delivers multimillion-pound savings and reduced risk to the oil and gas industry. It is forecasting a massive increase globally in work for eRED and plans additional new products by 2012, which would boost turnover from £9.45million this year to £20million in 2013.
The team has expanded to 70 staff this year from 50 the previous year, with numbers predicted to rise steadily in future.
Chief executive Steve Nicol said: “The benefits of remote open-close technology are increasingly being sought out by operators as a new way to approach well interventions and completions, particularly in deepwater and subsea applications where rig time savings are of most value.
“ERED has been used by 14 global operators and has brought them multimillion-pound savings.
“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.”
Winners of the World Oil Awards will be announced in Houston, Texas, on Thursday, October 13.