Paradigm Flow Services (PFS), of Thainstone, near Inverurie, plans to double its headcount – creating 30 jobs – after a multimillion-pound finance deal.
The oil and gas industry supplier is recruiting now and aims to fill the new roles over the next 18 months.
It comes on the back of the substantial loan deal with alternative lender Thin-Cats.
This loan facility will allow us to further accelerate our plans and build upon the solid all-round performance achieved by our flow services team in 2022.”
Julian Manning, chief executive, Paradigm Group.
PFS, which is part of Netherlands-based Paradigm Group, will use the cash to accelerate its business growth plans.
These will see it adding to its fleet of specialised equipment to meet a “high level of demand” for its pipeline remediation and fire protection technologies.
In particular, PFS plans to expand the equipment fleets for its trademarked Dry-Flo and Flexi-Coil products.
‘Solid’ performance in 2022
Paradigm Group chief executive Julian Manning said: “As we continue to invest in new assets to meet demand, this loan facility will allow us to further accelerate our plans and build upon the solid all-round performance achieved by our flow services team in 2022.
“The expanded equipment portfolio will also make our lower carbon and overall cost technologies more accessible to both new and existing customers.”
Thanks to OWI for a great night Friday at the OWI Global Awards in Aberdeen.
Congratulations to Vaarst for winning the Digital Transformation Leader Award. #OWIAwards2022 #Finalists #Digitization #TransformingOilfieldTechnology pic.twitter.com/EN3DlW6G4Z
— Paradigm Group BV (@ParadigmGroupBV) December 1, 2022
Leicestershire-headquartered ThinCats specialises in loans to mid-sized UK businesses.
It taps into capital from institutional investors including pension schemes and asset managers.
Paradigm was introduced to the lender by London, Aberdeen and Dublin-based Bridge and York (B&Y) Capital Partners.
‘Trailblazing’ business
ThinCats business development director Dave Parr said: “Paradigm has a strong track
record in delivering innovative technologies which have delivered immediate customer value and significantly lowered carbon impact by disrupting conventional practices.
“We are delighted to be supporting such a trailblazing business and to once again be working with the excellent team at Bridge and York.”
B&Y has worked with Paradigm since 2016 and originated funding to support the Aberdeenshire firm’s growth.
John Blanchflower, the funding specialist’s chief executive, said PFS’s disruptive technologies “add so much to the operations in the offshore space and beyond”.
Rescued from administration
It is just over four years since its predecessor company, based in Drumoak, between Peterculter and Banchory, was rescued from administration.
Paradigm Group moved swiftly to relaunch the business, saving more than 20 jobs.
The old PFS went bust after it struggled to get one of its products adopted by the market – amid challenging trading conditions – following a £1.5 million investment.
Who are Paradigm Group?
Paradigm Group was established in Groot-Ammers, in the Dutch province of South Holland, in 2009.
It was launched to develop and commercialise new technologies and innovations for the upstream oil and gas industry.
The group has three other subsidiaries based at Thainstone – Paradigm Drilling Services, Paradigm Intervention Technologies and Paradigm Technology Services