Scandoil  

£5m investment boosts growth plans at Paradigm Drilling Services


Published Feb 17, 2015
Fraser Innes; managing director of Paradigm Drilling Services
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.

Tags: Paradigm Drilling Services




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml