Bosses at Deep Casing Tools (DCT) will use a cash injection of £1.6 million to bring more ground-breaking oil and gas technology to the global market.
Majority shareholder EV Private Equity (EVPE) and economic development body Scottish Enterprise have each invested £800,000 in the Aberdeen-headquartered company.
Bosses at DCT said the funding would help the company build on its strong performance over the last two years.
The firm achieved a 120% increase in turnover to £4 million in 2019 after expanding its international presence and tying up major deals.
Highlights included a five-year contract with Saudi Aramco for the supply of well construction and completion tools.
DCT said its recent growth spurt was driven by an earlier investment from EVPE, which has bases in the Granite City, Houston and Stavanger.
In 2018, EVPE pumped about £3.75m into DCT, helping the firm buy out a major shareholder and expand its footprint in the UK, Middle East and North America.
The company believes it can continue to expand in these regions, as well as in Asia Pacific.
DCT currently employs 18 people in Aberdeen and three in the Middle East.
Recent research and development milestones include the granting of a patent for its MechLOK device and the trial of its Casing Cement Breaker by Equinor in 2019.
DCT has also noted a surge of interest from the US market for its SelfLOK flotation tool.
DCT chief executive David Stephenson said the funding boost would strengthen the firm’s position as a leading technology innovator for the international energy market.
Mr Stephenson said the business was “well-positioned” to recover from the Covid-19 crisis and continue to grow its operations “for many years to come”.
Jan Robertson, interim investment director at Scottish Enterprise, said: “DCT is the epitome of that innovation and internationalisation and as we embark on Scotland’s economic recovery, it is essential that we partner with and support businesses like them to help reduce costs, increase environmental efficiencies and win new business overseas.”
Greg Herrera, senior partner at EVPE, hailed DCT for developing “market leading, one of a kind technologies” that can bring significant emission reduction savings to the industry.
Mr Herrera added: “We are looking forward to continuing this growth journey with DCT as the firm brings new innovations to market, further grows its global footprint and continues to support the energy industry in minimising the impact on the environment.”