Aberdeen-based oil service company Caledyne is planning to almost double its workforce.
The firm, which specialises in the provision of production equipment and engineering services, said yesterday it was anticipating rapid growth.
This follows six years of research and development into engineering solutions to help oil and gas operators to maximise production.
Caledyne is aiming to achieve 500% turnover growth over the next two years – reaching more than £6million in 2011 as a result of several recent international contract awards.
The current workforce of 17 is forecast to grow to more than 30 in the same period.
Caledyne said that, to assist the commercialisation of its products and services globally, it has entered into a new banking partnership with Clydesdale Bank.
The company’s previous bank was HBOS.
The team at Clydesdale’s financial solutions centre in Aberdeen will provide £1.8million of debt-funding, working-capital, asset-finance and ancillary banking services to Caledyne.
Caledyne managing director Roland van Dort said: “Since setting up in 2004, Caledyne has focused on research and development, ensuring a full suite of tools was developed to the latest quality standards.
“We are now in a robust position to fully exploit and commercialise our innovative products, taking them to markets around the world and we needed a banking partner that would support our growth.
“Our previous bank was not in a position to provide all the support we required and we were not keen to go down the private-equity route.”
Robin Hewitt, partner business banking at Clydesdale, added: “Caledyne is an excellent example of the type of company we are keen to work with.
“It has ground-breaking technology, a robust management team with strong leadership and ambitious but achievable growth plans.”