Aberdeen-based Ardyne Technologies — an energy services specialist operating in the oil and gas sector — is set to enter a new phase of growth after receiving a £7 million funding package from Clydesdale and Yorkshire Bank.

The company is currently working on contracts in West Africa, North America and Asia Pacific.

It will use the new funding to pursue further international deals, establish more subsidiaries, and increase its head-count.

It will also upgrade its systems and purchase new equipment to service increasing global demand.

Established in 2015 with the backing of private equity firm Lime Rock Partners, Ardyne (www.ardyne.co) develops specialised technology for oil and gas companies around the world.

It focuses on the well service sector, providing cost-saving solutions to customers through innovative tools that can dramatically reduce the time spent on complex interventions on sub-sea wells near the end of their production life-cycle.

This includes its Trident and Titan integrated casing cutting and pulling systems, which allow operators to complete casing recovery missions in a single trip.

The business has rapidly expanded through a series of acquisitions of small service companies.

It now employs 93 people in Aberdeen, Norway and the USA, and its senior management team has more than 125 years of combined experience in the oil and gas sector.

Adrian Bannister, Ardyne’s chief financial officer, said: “With the assistance of Clydesdale and Yorkshire Bank, we are able to invest significantly in our infrastructure and in 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, as we continue to scale up our business.”