A company which specialises in keeping subsea pipes unblocked has more than trebled profits as turnover nearly doubled in its last financial year.
Paradigm Flow Services achieved £10.7million turnover in 2013, nearly twice the 2012 level of £5.4million.
The firm said profit on ordinary activities before tax rose to £1,478,036 in the same year from £332,306 in 2012.
The Aberdeenshire firm, part of Netherlands based investment firm Paradigm Group, said it has already delivered more than £7.5million of contracts this year and has its sights set on achieving a £14 million turnover for 2014.
Currently employing 65 people, there are plans to recruit a further 15 after all employees move to a new global headquarters in Drumoak later this year.
Rob Bain, managing director of Paradigm Flow Services, said: “Innovation is the backbone of our success and the last year has been our busiest yet, breaking through £10million turnover. We maintain investment in developing truly game-changing technologies that address some of the costly challenges operators face around asset integrity and health and safety.
“We will continue to focus on global growth with a particular focus in the next two years on the UK, West Africa, Middle East, Malaysia and the USA. Adding Flexi-Coil Extended Reach and SUFU to our offering bolsters our ability to meet the needs of oil and gas operators as they strive to deal effectively with blockages offshore.”
Paradigm said it brought two new developments to market this year so far, launching Flexi-Coil Extended Reach, to inspect and clear risers and flowlines and a Subsea Umbilical Flushing Unit (SUFU) in the first half of 2014.
The firm recently completed a project with an international operator in West Africa to remove 500m length sand blockage from an FPSO production riser and flowline with its Flexi-Coil Extended Reach technology.
Meanwhile SUFU was recently deployed in mature North Sea oil and gas fields in pilot projects worth more than £1million. Paradigm said it was developing the technology further to enable long term installation and operation subsea with autonomous controls.
The company is set to launch specialist test facilities for the oil and gas industry from its new headquarters. The new building features an 18,000 square foot office and workshop and a 51,000 square foot yard housing an advanced test centre.
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