Ardyne Eyes Further Expansion with New £7M Funding
Aberdeen-based energy services firm, Ardyne Technologies, said it aims to enter a new phase of growth following a funding package from Clydesdale and Yorkshire Bank.
The Bank’s Growth Finance team has provided Ardyne with £7 million, which will be used to enhance its core products and expand the business both domestically and overseas.
Ardyne said it plans to scale up the business by pursuing new international contracts, establishing more subsidiaries, increasing headcount and enlarging its customer base.
The company will also upgrade its systems and purchase new tools.
It focuses on the well service sector, providing cost-saving solutions to customers through innovative tools that can dramatically reduce time spent on complex interventions on subsea wells near the end of their production lifecycle. This includes its TRIDENT and TITAN integrated casing cutting and pulling systems, which are deployed in global offshore operations and allow operators to complete casing recovery missions in a single trip.
Since inception in 2015, the business which focuses on the well service sector, has expanded through a series of acquisitions of small existing service companies across the UK and Norway and has established a subsidiary in the US. It now employs 93 people across Aberdeen, Norway and the USA.
Adrian Bannister, CFO at Ardyne, said: “With the assistance of Clydesdale and Yorkshire Bank we are able to invest significantly in our own infrastructure and tools to increase our capacity and service more clients, both in the UK and internationally. This support has been invaluable and it’s an important milestone for the business as we continue to scale our firm.”