Paradigm Flow Services is to increase its workforce after almost doubling turnover.
The Aberdeen-based offshore blockage removal specialist reported a £10.7 million turnover in 2013, compared with the 2012 figure of £5.4 million. Gross profits rose from £2.7 million to £5.1 million, with net earnings up from £505,000 to £1.6 million.
Paradigm has brought two products to market this year: Flexi-Coil Extended Reach, to inspect and clear risers and flow-lines; and Subsea Umbilical Flushing Unit, which has recently been used in mature North Sea oil and gas fields in ‘pilot’ projects.
The firm has already delivered more than £7 million of contracts this year and estimates that it will achieve a £14 million turnover in 2014. It currently employs 65 people, and has plans to recruit a further 15 after all employees move to a new global headquarters in Drumoak later this year.
Managing director Rob Bain said: “We maintain investment in developing 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, the Middle East, Malaysia and the USA.”