Two experienced industry figures have been appointed to the board at Aberdeenshire energy service firm Paradigm Drilling Services in the wake of a £5million investment in the business.
Nicholas Gee and Mike Hill have become directors at the drilling and intervention technology company following the injection of capital by Buckthorn Partners and Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco.
Mr Gee, a former executive vice-president of strategy and development at Weatherford International, reprsents Buckthorn on the board. Mr Hill, who has over 17 years’ investment experience in the oil and gas sector, represents SAEV.
Paradigm designs and manufactures drilling and intervention technologies. Employing 52 people and with plans to recruit an additional 10, it operates from a facility near Inverurie.
It plans to open another facility in Aberdeen to accommodate its drilling tools and research and development functions.
The firm is targeting turnover of £10million in 2015, a projected rise of 54% on its December 2014 year-end figure of £6.5million.
Managing director Fraser Innes said: “It’s great to have people of the calibre of Nicholas and Mike on the board on behalf of our investment partners.
“They bring an immense amount of experience and knowledge to these roles and I’ve no doubt they will make a significant contribution as we pursue our growth objectives. Their respective talents and expertise add new dimensions to our capabilities.”
Paradigm forms part of the Paradigm Group, which was established in the Netherlands in 2009 to develop new generation oil and gas technologies.
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