Paradigm Flow Services Doubles Turnover to £10 Million
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.