The Queen's Award for Enterprise International Trade Winners 2008
Downhole Products Plc, a designer and manufacturer of oilfield equipment, has received the coveted Queen's Award for Enterprise.
The Aberdeen-based company won the award in the International Trade Category, which recognises companies for outstanding achievement in international trade. Downhole Products, which has seen its overseas trade revenues double during the past three years, generates 80% of its total earnings outwith 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.
Strategic Growth Pays Off
Over the past six years, Downhole Products has taken strategic steps to provide its innovative oilfield products to the international oil and gas industry. In 2003, it doubled the size of its world headquarters in Aberdeen, and opened its first bases in the United States, in Houston and Louisiana. The combined effect of this expansion doubled the company's manufacturing capability, thereby improving product delivery and customer service. Further expansion continued that year with the opening of a new base in Abu Dhabi, UAE and in Maracaibo, Venezuela. 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. Its 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," said Ian Kirk, Director of Downhole Products. "We have worked hard to maintain the highest standards in product quality and customer care, while responding to market demands at home and abroad. To have our international business success recognised at this level is extremely satisfying, and is a tribute to everyone at Downhole Products who has contributed to our collective efforts," he added.
The awards were announced on 21 April 2008, The Queen's birthday, and are made each year by H M The Queen on the advice of the Prime Minister, who is assisted by an Advisory Committee consisting of representatives of the Government, industry and commerce, and trade unions.