Paradigm Flow Services Doubles Turnover to £10 Million

By Michelle Howard
Tuesday, August 12, 2014
A Paradigm Flow Services engineer testing technology

Rising demand for offshore blockage removal technologies has boosted turnover at Paradigm Flow Services, as the company announces it has almost doubled its figures.
 
The Aberdeenshire-based firm achieved £10.7 million turnover in 2013, nearly twice the 2012 level of £5.4 million. Audited accounts also demonstrate a rise in gross profits from £2.7 million to £5.1 million with EBITDA increasing 215% from £505,000 to £1.6 million
 
As the blockage removal experts for the oil and gas sector, Paradigm Flow Services is focused on new technology and has brought two developments to market this year so far. The company launched Flexi-Coil Extended Reach, to inspect and clear risers and flowlines and a Subsea Umbilical Flushing Unit (SUFU) in the first half of 2014.
 
The firm has already delivered more than £7.5million of contracts this year and has its sights set on achieving a £14 million turnover for 2014. Currently employing 65 people, there are plans to recruit a further 15 after all employees move to a new global headquarters in Drumoak later this year.
 
Rob Bain, managing director of Paradigm Flow Services, said: “Innovation is the backbone of our success and the last year has been our busiest yet, breaking through £10 million turnover. We maintain investment in developing truly game-changing 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, Middle East, Malaysia and the USA. Adding Flexi-Coil Extended Reach and SUFU to our offering bolsters our ability to meet the needs of oil and gas operators as they strive to deal effectively with blockages offshore.”
 
Flexi-Coil Extended Reach is used to inspect and clear risers and flowlines offshore. The firm has recently completed a major project with an international operator in West Africa to remove 500m length sand blockage from a production riser and flowline, which is an industry first as the entire operation was carried out from the operator’s floating production, storage and offloading vessel (FPSO).
 
SUFU is an innovative system for safe and efficient flushing of subsea chemical or hydraulic umbilical lines. It has recently been deployed in mature North Sea oil and gas fields in pilot projects worth more than £1 million. Paradigm is developing the technology further to enable long term installation and operation subsea with autonomous controls.
 
The company is set to launch specialist test facilities to the oil and gas industry from its new headquarters. The new building features an 18,000 square foot office and workshop and a 51,000 square foot yard housing an advanced test centre.
 
These facilities for firewater deluge, subsea controls and flowline systems, specialist industrial cleaning, and pressure testing will be available for oil and gas companies to utilise for trials and training purposes.
 
Paradigm’s new test centre will also allow the company to showcase its technologies for blockage remediation in a replicated offshore environment. The facilities will include a full deluge remediation system and a subsea umbilical system including flowlines and piggable loops.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Norbulk Selects Parker Kittiwake’s Cat Fines Test Kit

Parker Kittiwake, a leading global supplier of asset control and protection technology, has today announced a significant order of its recently launched Cat Fines

European Consortium Launches Blue Nodules Project

On 1 February a European consortium launched a new Horizon 2020 project: Blue Nodules. This project addresses the challenge of creating a viable and sustainable

Seafarers help Sought to Improve Onboard Design

The Nautical Institute and CIRM (the principal international association for marine electronics companies) today launched a joint initiative to improve the usability

Finance

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

MISC Bhd: Revenue Up

Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

Energy

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Total, ENN Ink 10-year LNG Supply Pact

European oil major Total has agreed to supply 500,000 tonnes a year of liquefied natural gas (LNG) for 10 years to China's privately-run ENN Group, Total said on Thursday.

Marine Equipment

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Sill Reinforcements Complete in New Panama Canal Locks

The Panama Canal Authority (ACP) announced that sill reinforcements in the new locks have been completed this week, bringing the Panama Canal Expansion closer to inauguration.

Maritime Safety

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Hijacked Singaporean Ship Released in Nigeria

The crew of a Singapore-registered container vessel, Safmarine Kuramo, hijacked off the Nigerian Coast earlier this week, were released unharmed on Saturday (Feb

VPS Raises Concerns Over Revised Rules for Fuels

Veritas Petroleum Services (VPS) expressed reservations about some of the proposed revisions to the international ISO 8217 specifications of marine fuels. Areas

Vessels

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Antietam, McCampbell Build Relationships at IFR 2016

Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India

Cosco Merger May Change Industry Dynamics

The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry,

Offshore Energy

HHI to Localise Main Equipment for Offshore Plants

Hyundai Heavy Industries and Doosan Heavy Industries Collaborate in Localizing Main Equipment for Offshore Plants   Seoul, South Korea – February 4 – Hyundai Heavy Industries (HHI),

FUGRO Wins BHP Pyrenees Contract

Fugro has been awarded a contract by BHP Billiton Petroleum Pty Ltd for the Pyrenees Phase 3 Installation Project.   The Pyrenees development is located offshore Western Australia,

Iqarus Acquires C-CHEC at Subsea Expo

Offshore and onshore health and medical solutions company Iqarus is set to acquire occupational hygiene consultancy C-CHEC to deliver a new integrated offering to global industries.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1386 sec (7 req/sec)