North-east oil and gas service firm Paradigm Flow Services is looking to add 10 people to its workforce as it continues to expand.
The company said yesterday it had achieved turnover of £5.3million last year – £2million ahead of 2011.
Paradigm, which detects, fixes and prevents subsea and topside blockages, also reported a jump in profitability.
Pre-tax profits more than doubled to £429,000 compared with £166,000 previously, while operating profits also more than doubled to £800,000 from £300,000 before.
The company, based on the outskirts of Inverurie, has just landed new contracts worth £3million-plus and is targeting turnover of £9million this year. Latest contract wins include a deepwater subsea flowline unblocking project in the Gulf of Mexico and a topside industrial cleaning project offshore Nigeria.
Paradigm now has 40 staff and is leasing additional space at the nearby Thainstone Business Centre to accommodate its growing workforce. The total could reach 50 by the end of this year.
Managing director Rob Bain said: “We enjoyed a very successful 2012 and look to build on our achievements this year. Delivering a significant amount of international and local contracts already in the first quarter, I am confident we are well-positioned to make our target of £9million. Investment in our technology is key to delivering on this. Developing new and innovative solutions is central to our financial success.
“Operators across many regions have problems with asset integrity and flow assurance and we continue to support operators in the North Sea, US, west Africa, and Malaysia and also look to explore new markets for our technology.”
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