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

Technology

SPS Used for Pipe-Layer Upgrade

The 127,500dwt Solitaire has completed some of the most challenging projects in which heavy pipe has been laid in very deep waters.   Originally built in Japan as a mini-Capesize bulk carrier,

Another Fugro Vessels Joins Largest SEEP-Hunting Survey

Fugro has deployed multi-purpose offshore survey vessel Fugro Gauss to join the Fugro Brasilis offshore Mexico, to help complete the world’s largest seep-hunting

JIP Validates DNV GL's Helica Software

A joint industry project run by DNV GL has replicated stresses measured in an umbilical subjected to tension and bending in full-scale tests, further validating

Finance

Light at the End of the Tunnel Distant for Multipurpose Shipping

The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little

Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.

The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

Energy

Offshore Oil Oscillations In West Africa

Global excess oil supply still looks likely to average 0.5m bpd in 2016 – sufficient, it would seem, to stop oil prices rising much above $50/bbl and therefore

BP Receives its First Venezuelan Crude Cargo under Swap Deal

Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies

Oil Up on US Crude Draw; Brent Back Above $50

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.

Marine Equipment

Hybrid RoPax Ferry Delivered to Royal TESO

Hybrid RoPax ferry Texelstroom has been delivered to Koninklijke N.V. Texels Eigen Stoomboot Onderneming (Royal TESO).   This latest generation symmetrical ferry is powered by efficient,

Radio Holland Wins Contracts for Canadian Coast Guard Vessels

Radio Holland Canada has won two major contracts to support the Canadian Coast Guard. Public Works and Government Services Canada, which is responsible for government procurement,

MacGregor to Equip China’s New Polar Research Ship

The Polar Research Institute of China has ordered a new 14,300gt polar research vessel. Designed by Aker Arctic Finland, it will be the first vessel of its type to be built in China,

Maritime Safety

AWO Authorizes ClassNK to Perform RCP Audits

The American Waterways Operators (AWO) and ClassNK have signed an agreement under which ClassNK will be authorized to conduct audits of AWO's Responsible Carrier Program,

Waterway Reopened after Barge Grounding

The U.S. Coast Guard has opened the Red River from mile marker 40 to mile marker 42 for vessel traffic, Monday.   The Red River had been closed due to a barge that had run aground at mile marker 41,

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

Vessels

Jinhui Sells Supramax

Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month.   The purchaser is a company incorporated in Hong Kong.

VLCC Delivered to Gener8 Maritime

Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27,

Future LCS Charleston’s Keel Authenticated

A ceremony was hosted to celebrate the keel authentication of the U.S. Navy's future USS Charleston (LCS 18), the ninth Independence variant littoral combat ship, June 28.

Offshore Energy

Offshore Oil Oscillations In West Africa

Global excess oil supply still looks likely to average 0.5m bpd in 2016 – sufficient, it would seem, to stop oil prices rising much above $50/bbl and therefore

India’s Potential in Offshore Wind Power

The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India.

Lloyd's Register Extends Drilling Rig Integrity Support

Exploration begins by BHP Billiton using the Deepwater Invictus rig and supported by Lloyd’s Register’s rig integrity team. Lloyd’s Register (LR) announced it

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics
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: 0.1436 sec (7 req/sec)