It is Zenith Oilfield Technology’s first innovation award after two previous wins in the international trade category in 2009 and 2011.
The energy service firm’s latest Queen’s Award recognised its role in contributing significantly to increasing global oil production.
It has invested more than £1.2million in its Z-Sight technology, designed to improve the efficiency and production of wells needing downhole pumping systems to bring oil to the surface.
General manager Greg Davie said: “Zenith’s philosophy is to listen to our customers’ needs and to think outside of the box to develop technologies that will improve the client’s operational efficiency and productivity.
“Our innovation comes from having an energetic development team that pursues solutions to challenging problems that are both economic for the market and game-changing technically.”