Inverurie based 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 operates from a 40,000 sq ft facility at Thainstone, near Inverurie, and plans to open another large facility in Aberdeen to accommodate its drilling tools and R&D functions.
Fraser Innes, Managing Director of Paradigm Drilling Services, said: “We are delighted to welcome Buckthorn and SAEV as investors in our business. Despite the gloomy market conditions at present, we have an exciting range of growth opportunities ahead in technical and geographic terms.
“With the support of our new investors we will also accelerate the development of our Horizontal Drilling System which has the potential to change the way that all horizontal wells are drilled.