Downhole Products Plc, a designer and manufacturer of oilfield equipment for the international upstream oil and gas industries, has received a coveted Queen’s Award for Enterprise in recognition of its outstanding acheivement in international trade.
The Aberdeen-based company won the award in the International Trade Category, having seen its overseas trade revenues double during the past three years and generating 80% of its total earnings outside the UK.
Winning companies in the International Trade Category must demonstrate consistent growth in overseas earnings and commercial success, during a minimum of three years. As part of the application process, Downhole Products underwent a rigorous financial audit and examination, during which the company illustrated how it had increased its earnings overseas, while maintaining quality in its products and customer care.
Drawing upon its global network of bases in key oil and gas markets, Downhole Products has cultivated long-term relationships with major operators and service companies, which has earned the company a reputation for reliable service and quality technology. This strategic growth has paid off as the company's products have been used successfully in every major oil and gas region in the world.
“It is extremely heartening to receive the prestigious Queen’s Award for Enterprise, which is certainly the UK’s highest accolade for business. We have worked hard to maintain the highest standards in product quality and customer care, while responding to market demands at home and abroad,$quot; said Ian Kirk, Director of Downhole Products.