Scottish firm Paradigm Drilling Services said yesterday it had secured £250,000 of funding through the Technology Strategy Board for its drilling tool solutions.
The Smart development-of-prototype grant will allow the expanding business to develop rotary traction systems for use in extended-reach horizontal drilling and in completion applications.
It will part-fund a project estimated to cost £760,000, involving the design, development, testing and evaluation of drilling and completion tractors.
Paradigm chief executive Fraser Innes said: “Drilling activity is becoming more complex as operators look to access more isolated reserves which often involve horizontal drilling.
“Our rotary traction systems are a step change in thinking as we push the boundaries of horizontal drilling. The success of this project has the potential to fundamentally change the way we drill very long horizontal and extended-reach drilling wells.
“The Smart grant will allow us to further our prototype and we are excited to progress this with the support of the Technology Strategy Board.”
Paradigm is a subsidiary of Netherlands-based Paradigm Group. The firm, which has its headquarters in the north-east at Thainstone Business Park, reported turnover of £2.2million last year and is expected to double this in 2012.
A recruitment drive is under way, with more than 40 people now in place and plans for a further 10 before the end of next year.
The Technology Strategy Board is a non-departmental public body, established by the UK Government in 2007 and sponsored by the Department for Business, Innovation and Skills (Bis).
Its activities are supported and funded jointly by Bis and other government departments, the devolved administrations, regional development agencies and research councils.