Fraser Innes; managing director of Paradigm Drilling Services
Paradigm Drilling Services has secured a £5m injection from new investment partners – and the prospect of additional finance to fund acquisitions.
Buckthorn Partners and Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco, have announced the investment package for the Aberdeenshire-based drilling and intervention technology specialist.
The move will fuel Paradigm's strategy to broaden its product portfolio, extend its geographical activity and bolster its research and development (R&D) activities. The initial investment is £5m, however, further funding could be made available as the business looks to expand its portfolio of innovative technology.
Paradigm Drilling Services is targeting turnover of £10m in 2015 – a projected rise of 54% on its December 2014 year-end figure of £6.5m. The company employs 52 people and plans to recruit an additional 10 in the next six months.