News Room

May 2005

Funding Boost for Red Spider

An award-winning company which delivers innovative products to the upstream oil and gas industry has secured major investment from the industry to fund exciting growth plans.

Aberdeen-based Red Spider Technology Limited has secured £400,000 of funding. The deal was announced in Houston at the world’s largest oil and gas exhibition where directors of Red Spider are promoting their products to the international marketplace.

The funding package is made up of investments by the Nova Technology Fund - an oil and gas venture capital fund managed by Aberdeen Asset Managers Private Equity and the Scottish Enterprise Co-investment Scheme which uses Scottish Executive money to make venture capital investments in smaller companies through private sector fund managers.

Red Spider, which was recently commended at the Scottish Offshore Achievement Awards in the categories of most promising company and innovative technology, specialises in the design of well intervention tools and completion products which help oil producers increase efficiency and save time and costs.

Kevin Milne, Senior Investment Manager at Aberdeen Asset Managers Private Equity, commented:

“Red Spider is an ideal example of a company in which Nova wants to invest The management team has demonstrated the huge potential for growth and the funding will ensure that they are in a strong position to capitalise on all the opportunities, both in their domestic market and internationally”

Chris Oliver, General Manager of Red Spider, said:

“The current market conditions are perfect for us to exploit our products and services and this investment will enable us to put some bold expansion plans in place immediately. We will be focusing on internationalisation and product development strategies with plans to resource our sales teams to take advantage of the opportunities in North America and the Middle East and plans to drive forward the development of some key products.”