North-east oil services firm Romar International said yesterday it had launched a new product as a direct result of more than doubling its research and development (R&D) spending.
Romar, based at Newburgh, added that the extra cash being ploughed into R&D meant it was investing £250,000 this year on work aimed at expanding its range of magnetic separation technologies.
The company has just taken delivery of its latest new product, SS3000, to remove large swarf – shavings and chippings of metal – and other contaminants from fluid systems without the need for human intervention.
Romar’s SS3000 swarf-handling machine follows earlier SS1000 and SS2000 models, and is said to be able to cope with bigger volumes of debris because of its stronger magnetic field.
Romar commercial director Robbie Gray said: “We have already received a great deal of interest in the unit, in particular from the UK and Norwegian markets. We are confident it will be very well received in the industry for operators involved in decommissioning operations.”
Mr Gray added the greater focus on R&D was crucial to the firm taking a bigger share of a market expected to grow significantly over the next few years as the number of wells being plugged and abandoned increases. The company saw turnover increase to £760,000 in the first three months of 2012, from £370,000 a year earlier.