UK-based downhole video technology specialist EV has opened a new technology centre to house its research and development, which the company is expected to invest nearly £2million into over the next year.
EV, the market leader in downhole video applications for the oil and gas industry, opened the new centre at its base in Norwich. It represents a world first in a centre completely dedicated to downhole video, and will facilitate all of the company’s ongoing research and development. EV plans to invest £1.8million in R&D in the next year, with several product launches scheduled for 2014.
Francis Neill, EV chief executive, said: “The opening of this new technology centre is a great step for EV. We are the market leader in downhole video technology and have grown by a factor of 20 in the last four years. This new centre puts us in good standing to continue our focus on research and development, and we have a number of new products that we look forward to introducing to the market this year.”
Features of the new 23,000 square-foot facility include warehouse space and a state-of-the-art lab featuring the ability to test camera technology to 175°C and 20,000psi. Thirty members of staff work from the centre.
Neill continued: “Not only will the technology centre greatly benefit our existing customers, but it places us in good standing for further geographical expansion, as we continue to grow in our established markets and enter new markets with clients requesting our services based on technology and outstanding service quality.”
EV, which splits its headquarters between Norwich and Aberdeen, has a team of around 90 employees. The company has 17 worldwide bases and has grown at a rapid pace in the last three years.
Press Release, April 02, 2014