Paradigm adjusts turnover target following strong year

Paradigm Flow Services has achieved turnover of £5.3m for its global technology operations in 2012, as the company also announces new contract wins worth more than £3m.

The Aberdeenshire-based company, which detects, remediates and prevents subsea and topside blockages for the oil and gas industry, made an operating profit of £800,000 in 2012. It also increased its turnover by £2m compared to the previous year.

These growth figures are bolstered by a target for 2013 as the company aims to achieve turnover of around £9m.

The firm believes it shows strong promise of achieving this, having its most successful start to the year since its formation three years ago. So far this year Paradigm has delivered £4m worth of work.

The latest contact wins include a deepwater subsea flowline unblocking project in the Gulf of Mexico, and a specialist topside industrial cleaning project offshore Nigeria.