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Offshore specialist doubles turnover

Aberdeen-based ­Paradigm Flow Services plans to increase its ­headcount by 25 per cent after almost doubling its turnover.

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."

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