Paradigm Flow Services Limited in Aberdeen, a world leading flow remediation and fire protections service company, has secured a substantial growth funding package from mid-sized SME lenders ThinCats.
The loan will facilitate the accelerated the growth of Paradigm’s fleet of specialized equipment to meet the high level of demand for both their unique pipeline remediation and fire protection technologies. The transaction was introduced and advised by Bridge and York Capital Partners (B&Y) and Stronachs provided legal support for Paradigm. Clyde & Co supported ThinCats on legal and Azets conducted FDD.
Paradigm will utilise the loan to expand its Dry-Flo® Waterless Digital Deluge Dry Testing fleet which provides customers the ability to not wet test for up to 10 years whilst staying compliant to international standards.
Paradigm will also expand its Flexi-Coil Flexible Composite Coiled Tubing fleet, which is used for pipeline cleaning, typically when other options have been exhausted and also for the installation of their short-lead time flexible in-riser velocity and gas lift strings.
Julian Manning, CEO, Paradigm Group commented, “We are very pleased to have agreed terms with ThinCats to provide us with a loan facility to meet our immediate growth needs for both our Production Enhancement and Fire Protection Service lines. As we continue to invest in new assets to meet demand, this loan facility will allow us to further accelerate our plans and build upon the solid all-round performance achieved by our Flow Services team in 2022. The expanded equipment portfolio will also make our lower carbon and overall cost technologies more accessible to both new and existing customers.”
Dave Parr, Director Business Development adds, ThinCats commented: “Paradigm has a strong track record in delivering innovative technologies which have delivered immediate customer value and significantly lowered carbon impact by disrupting conventional practices. We are delighted to be supporting such a trailblazing business and to once again be working with the excellent team at Bridge and York.”
John Blanchflower, CEO, Bridge and York Capital Partners concludes: “B&Y has worked with the Paradigm Group since 2016 and originated funding to assist in their growth. Warren Daley from B&Y commented that it has been a pleasure to work with Robert and the team at PFS and see the development of such key disruptive technologies which add so much to the operations in the offshore space, and beyond in the case of DryFlo.”