The company was presented with its award on Monday, June 20th by Allan Wilson MP, Deputy Minister for Enterprise and Lifelong Learning, at a presentation ceremony at the Edinburgh Corn Exchange.
Red Spider will use its SMART Award for the development and design of a conceptual flow control device for use in oil or gas wells. The tool will remove the need for well intervention during the installation of a completion string. This will increase safety and reduce operating costs for customers.
Chris Oliver, General Manager of Red Spider Technology said, "We are delighted to have won this prestigious SMART Award, in recognition of our track record in developing innovative down-hole tools for the oil and gas industry.
"As a business we differentiate ourselves from the competition through our technology and we have already developed a range of innovative tools that are currently finding success in a significant niche market in the North Sea and further afield among some of the industry's biggest operators. We are well on target to reach a turnover of £4m and payroll of 25 by 2007 and aim to increase overseas sales to 80% of turnover within five years."
The SMART awards are designed to help new and existing small businesses, with less than 50 employees, gain a competitive edge in the market by funding the development of highly innovative and commercially viable products and processes.
Red Spider Technology was formed in 2003 to develop innovative tools to meet the new challenges in the oil and gas industry. Based in Westhill, near Aberdeen, the company supplies innovative down-hole tools to the global oil industry, aimed at adding value by reducing client operating time, production costs and environmental risks.
Red Spider's flagship product, the Hydraulic Red is currently operating in the North Sea on a number of wells and has been adopted by the Industry Technology Facilitator (ITF) for field trials with their oil company members. The company's Hydrostatic Support Valve has been developed for a major oil company to address fluid loss issues in its sub-hydrostatic wells. Other Red Spider designs include protection sleeves for a Norwegian client that will allow through-tubing rotary drilling of side-track wells from a floating vessel for the first time.
Red Spider was recognized as one of the UK's top 10 new businesses in the final of last year's HSBC Start-Up Stars Awards and was one of three finalists for the Best New Business Award in the Grampian Awards for Business Enterprise 2004. The company also won the Orange Small is Beautiful Award last year in the Best Marketing category.
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