A privately held investment fund based in the Netherlands has seen revenue from its portfolio of companies in the north-east grow by 900% in three years.
Paradigm Group – established in late 2009 with a focus on investing in upstream technology – has reported a rise in turnover from the subsidiaries to nearly £18million in 2013, up from £1.8million in 2010.
The group, which has made three acquisitions in Aberdeen and Aberdeenshire in the past four years, has interests in a number of key oil and gas business segments.
These include drilling, subsea and topside flow assurance, well intervention, reservoir evaluation, and tubing conveyed perforating services.
Paradigm said growth in the north-east portfolio had created 130 jobs at companies in Aberdeen, Inverurie, and Kintore.
It plans to recruit another 35 staff across the three bases by the end of the year. The company is also looking to open two new facilities.
One of the subsidiaries, Paradigm Drilling Services, is investing £1.5million this year in novel horizontal drilling technology and hole enlargement tools.
It is also working on a £5million contract in Latin America for its specialist equipment.
Another, Paradigm Flow Services, is enjoying the fastest growth pace of any of the group’s companies.
Paradigm chief executive Fraser Innes said: “The group is continuing with its strategy of building solid, profitable businesses, with significant management ownership, founded on value adding technology.”
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