The offshore blockage removal specialist achieved £10.7 million turnover in 2013, nearly twice the 2012 level of £5.4m. Gross profits rose from £2.7m to £5.1m with net earnings up 215 per cent from £505,000 to £1.6m, the company said.
Paradigm 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, recently deployed in mature North Sea oil and gas fields in pilot projects.
The firm has already delivered more than £7m of contracts this year and has its sights set on achieving a £14m turnover for 2014. It currently employs 65, and has plans to recruit a further 15 after all employees move to a new global headquarters in Drumoak later this year.
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 sq ft office and workshop and a 51,000 sq ft yard housing an advanced test centre.
Managing director Rob Bain said: "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."