Aberdeen-headquartered Ardyne Technologies said last night it expects to see the creation of “high quality jobs” in the Granite City as a result of a multi-million cash injection.
The firm confirmed yesterday it had received a £7 million funding package from CYBG, a holding company that includes Clydesdale Bank, Yorkshire Bank and Virgin Money.
Ardyne Technologies, which employs 41 staff in the north-east, said it would grow the number of top jobs in line with its business plan.
The company was founded in 2015 with the £50m backing of private equity firm Lime Rock Partners.
Ardyne develops and supplies technology and services to oil and gas companies around the world.
Adrian Bannister, chief financial officer at Ardyne, said: “With the assistance of Clydesdale and Yorkshire Bank we are able to invest significantly in our own infrastructure and tools to increase our capacity and service more clients, both in the UK and internationally.
“This support has been invaluable and it’s an important milestone for the business as we continue to scale our firm.”
Currently operating in Africa, Asia and the US, Ardyne creates well intervention tools for the subsea sector and holds international offices in Norway and the US.
Ross Goodwin, from the Growth Finance team at Clydesdale and Yorkshire Bank, added: “Ardyne Technologies plays a major role in pioneering the use of revolutionary patented technology in the plug and abandonment market, helping to maximise the use of brownfield wells while continuing to create jobs and enhance the reputation of Aberdeen as a world-renowned innovator in the oil and gas sector.
“The business has got where it is today through the vision of its experienced management team and is in a prime position to capitalise on changing industry trends. Our Growth Finance team is committed to supporting market disrupting SMEs like Ardyne, which are on course for rapid expansion.”