UK-based downhole video technology specialist EV has opened a new technology center to house its research and development, which the company is expected to invest nearly £2million into over the next year.
EV, which provides downhole video applications for the oil and gas industry, opened the new centre at its base in Norwich. EV says the centre is the first to be 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 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.”
Features of the new 23,000sq ft facility include warehouse space and a laboratory featuring the ability to test camera technology to 175°C and 20,000 psi. Thirty members of staff work from the centre.
EV, which splits its headquarters between Norwich and Aberdeen, has about 90 staff. The company has 17 worldwide bases and has grown at a rapid pace in the last three years.