Wireline and well-intervention technology specialist Wireline Engineering is targeting an increase in staff numbers and turnover this year.
The north-east firm said yesterday that it hit £7million annual turnover for the first time in 2010.
Wireline is now expecting annual turnover to exceed £8million in 2011 and then £12million within three years.
The firm, whose headquarters are at Blackburn on the outskirts of Aberdeen, employs 50 people worldwide and anticipates it will add as many as 10 additional people in the north-east this year.
Wireline develops well-intervention and completion technologies for the oil and gas industry.
It has equipment deployed in nearly 60 countries worldwide.
The firm’s new technology, an open-hole roller bogie, was used recently in the North Sea for the first time and Wireline said it achieved savings of around £130,000 per wireline operation for its customer.
Managing director Bill Petrie said: “2010 was a landmark year for Wireline Engineering. Delivering strong growth in a difficult economic climate and doing it across the global marketplace shows that we are providing an innovative, cost-effective service for our clients.
“We are steadily growing our global customer base and investing in research and development to ensure that Wireline Engineering continues to stand apart from its competitors.”
Mr Petrie added that, in 2011, the firm would target several new geographic markets and introduce new products currently under development.
Wireline was set up in 1998 and has international offices in the Americas, Middle East and Far East.