Red Spider Sees More Growth in 2007

Red Spider Technology, an oil and gas design and engineering company, said that it is in line to double its turnover in 2007 for the second year running, to achieve £5 million from business in the UK, Norway and Middle East.

In 2007 Red Spider looks set to secure its first order from the Middle East, following the establishment of an office and regional manager in Dubai in 2006. Next year will also see a consolidation of Red Spider's position in Norway, where its safety valve protection sleeves for Through Tubing Rotary Drilling (TTRD) applications have been gaining in popularity over the last year, along with its innovative Hydraulic RED (remote equalizing device) and Injection Valves.

Meanwhile, four new appointments within the past few months have boosted Red Spider's numbers to 30, compared to 17 at the end of 2005. Three new technicians, Derek Miller, Blair Duncan and Geoff Lister have joined Red Spider from Baker Hughes, Schlumberger Oil Phase and Halliburton respectively, while Andy Cooper joined as marketing support coordinator from Well Dynamics. By the end of 2007 Red Spider plans to be employing another 20 staff, bringing its total to 50.

Chris Oliver, Red Spider Managing Director, said: "Building an operations technicians team has been crucial in 2006 as we take on more field work, particularly in Norway and Middle East. All of the new technicians have big company experience, which they can bring to bear working for Red Spider in an expert role offshore.

"We are also creating an international marketing support team, which Andy Cooper has joined, and in 2007 we intend increasing our sales and service personnel in Norway and the Middle East.

"Our first new recruit in the new year will be Michael Christie, a graduate from The Robert Gordon University, who was recently awarded the prestigious Scottish Engineering Prize, sponsored by Scottish Engineering. He carried out his work placement and industrial project with us this summer and will be joining us full time in January as Electronic Design Engineer."

Red Spider will also be moving into new, purpose-built premises at Westhill towards the end of 2007 which will increase its current workshop and office space four-fold.

Red Spider Technology develops tools to meet the new challenges in the oil and gas industry. With headquarters in Westhill, near Aberdeen, and offices in Stavanger and Dubai, 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.

In 2006, Red Spider won a Scottish Offshore Achievement Award in the Most Promising Small company category.