A LOCAL 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, Inverurie, 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.
Paradigm is API and ISO 9001 accredited and designs, manufactures and services all types of drilling equipment and down-hole tools. The contract will accelerate the company’s on-going business development activities in Latin America – a region that is expected to account for a fifth of total revenues for Paradigm this year.
Paradigm Drilling Services Chairman & CEO, Fraser Innes, 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.”