Aberdeen-based energy services firm, Ardyne Technologies, is set to enter a new phase of growth after receiving a major 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 is working in West Africa, North America and Asia Pacific and through this venture debt funding, the company aims to scale up the business by pursuing new international contracts, establishing more subsidiaries, increasing headcount and enlarging its customer base. It will also upgrade its systems and purchase new tools to service increasing global demand.
Established in 2015 with the backing of private equity firm Lime Rock Partners, Ardyne develops and supplies specialised technology and services to oil and gas companies around the world.
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 the business has rapidly 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 and its senior management team has more than 130 years of combined experience in the oil and gas sector.
Adrian Bannister, Chief Financial Officer 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.”
Ross Goodwin, from the Growth Finance team at Clydesdale and Yorkshire Bank, said: “Ardyne Technologies plays a major role in pioneering the use of revolutionary patented technology in the plug and abandonment market, helping to maximise the use of brownfield wells while continuing to create jobs and enhance the reputation of Aberdeen as a world-renowned innovator in the oil and gas sector.
“The business has got where it is today through the vision of its experienced management team and is in a prime position to capitalise on changing industry trends. Our Growth Finance team is committed to supporting market disrupting SMEs like Ardyne, which are on course for rapid expansion.”