A North-east drilling services company has won a contract worth an estimated £3.5million to provide a major oilfield service company with specialist equipment in Latin America.
Paradigm Drilling Services, which is based at Thainstone – 10 minutes from Aberdeen airport – has secured the deal to supply downhole drilling tools to the company over the next three to five years. Plans are also in place to open a sales office in Mexico to service its growing business in the region.
Fraser Innes, Chairman and Chief Executive, Paradigm Drilling Services, said: “We have been working hard to develop a strong presence in the Latin American market.
“We are investing a further £1million of capital in 2014 into novel horizontal drilling technology and hole enlargement tools. A key part of our strategy is to open an additional facility in Aberdeenshire at the start of 2014 specifically to support our growing range of specialist drilling tools.
“This is expected to create several additional full-time positions for engineering and technical staff throughout the year.”
Established in 2009, Paradigm Drilling Services has developed a core business based around traditional BHA equipment (Stabilisers, Collars, Hole-Openers etc) with both manufacture, service / repair and rental to the global oil and gas industry.
The company holds a multi-million pound stock of rental assets and operates from a custom built facility just outside Aberdeen.