Aberdeen-based drilling equipment company Titan Torque Services has secured a multimillion-pound contract with international well-management firm AGR.
The three-year deal, announced yesterday, is believed to be worth about £4million.
It includes an optional extension clause, which could be activated if the initial arrangement is a success.
Titan will provide AGR with a range of equipment for drilling projects across the globe, including its patented drillbit protector; a product which won it the Wood Group award for innovation at the 2010 Grampian Awards for Business.
Titan, which has its headquarters at East Tullos in the Granite City, was established in 2008 as a provider of specialist drilling equipment and advice to the oil and gas industry.
In the year to April 2011, the company more than doubled its turnover to £2.4million and it recently extended its headquarters from 10,000 to 18,000 square feet.
The firm employs 12 people at the moment but there are plans to add to the workforce on the back of its latest contract.
Its relationship with Norway-based AGR has grown from past drilling work, in which Titan delivered and installed a torque unit on the group’s Leiv Eiriksson rig, which is now operating offshore in the Falkland Islands.
The Titan equipment is said to have helped to improve operational safety and reduce costs.
Titan managing director Keith Gaskin said he was delighted to be able to strengthen the links with an international contract.
AGR operates wells in many other locations besides the Falklands, including Africa, the Middle East and Far East.