Edzell company, GeoKey, bought over in multi-million pound deal

Mr Fraser Innes, CEO of Paradigm Group BV.

Mr Fraser Innes, CEO of Paradigm Group BV.

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An Edzell based company, GeoKey Limited, has been acquired by a privately held investment fund based in the Netherlands.

The seven-figure, multi-million pound deal by the Paradigm Group BV is the group’s third acquisition on Scotland since its inception in 2009.

Paradigm Group BV has interests in a number of key segments including drilling, subsea and topside flow assurance, well intervention and reservoir evaluation.

The acquisition of GeoKey expands its portfolio to include tubing conveyed perforating services (TCP).

GeoKey, was formed in 2007 employing 11 members of staff, and is a leading independent TCP company, which also provides a range of cased hole services to clients in the UK continental shelf.

It is anticipated staff numbers at Geokey, which will be re-named Paradigm Geokey Services, will rise to 25 by the end of next year with the workforce growing in both Edzell and Aberdeen.

Chief executive officer of Paradigm Group BV, Fraser Innes, said: “GeoKey is a big success story with a strong track record for growth and service excellence, and the company is a great strategic fit for the Paradigm Group’s eagerly anticipated new well intervention technology.

“As the new technologies we have been incubating across the Group start to arrive, we expect a significant ramp up in both the revenue and earnings forecast for 2014.

“Indeed, our current expectations are that revenues will increase to over £30 million.

“We have had extremely strong trading in 2013 across all the Group companies securing new contracts and growth globally.

“The acquisition of Geokey will give us a platform for our next generation well intervention services as well as continuing its current planned growth in the core TCP business.”