October 24 2014 Latest news:
Monday, July 14, 2014
Norwich-based offshore technology firm EV held a presentation to mark its success in clinching a prestigious Queen’s Award for International Trade.
The firm, which designs and makes hi-tech video equipment used to diagnose and analyse problems in oil and gas wells, was recognised for its meteoric global expansion which has seen turnover increase from under £1m to £19m-plus in four years.
The event at EV’s technology centre in Frensham Road included a tour of the company’s new R&D facilities and presentations from the deputy lieutenant of Norfolk, Charlotte Crawley.
Francis Neill, EV chief executive, said: “Receiving the Queen’s Award for International Trade is a huge achievement for us. This event signifies the importance of the award for the business and the whole team. It is highly encouraging that we have the support of local officials and that they have taken the time to celebrate our achievement with us.
“EV has grown at a rapid rate, we have expanded from a solely UK-based company to one that currently operates in 12 countries. I am looking forward to building on this achievement in the future as we continue to expand our global presence.”
EV’s first international target was the Gulf of Mexico, which it entered in 2010. The company then went on to establish a presence in Canada and the US before entering South East Asia, the Middle East and Australia. The company currently has 17 worldwide bases and has recently opened its doors in India and Indonesia, with Nigeria identified as a target in coming months.
The Queen’s Awards for Business Enterprise are given to UK businesses demonstrating outstanding achievement in the categories of innovation, international trade and sustainable developments.
Earlier this month, EV announced it had paved the way to continue its rapid growth by securing £69m of investment from private equity provider Dunedin.
EV was founded in 2000 by technical director Jonathan Thursby, who successfully adapted video camera technology which he had initially developed for use in televising motor racing events.
Increasingly, EV’s cameras are being used in conjunction with other down-hole tools to allow operators to optimise production conditions in oil wells.
The company employs nearly 100 staff worldwide with more than 30 at its headquarters on the Sweet Briar Industrial Estate.
One of East Anglia’s largest crane hire companies, Quinto Crane & Plant Ltd, has been bought out in a multi-million pound deal, with the new owner promising to safeguard the jobs for its 125 employees and guaranteeing future investment.