Profit Track 100

Petroline was founded by Dutch husband and wife team Klaas and Mirjam Zwart in their garage in Aberdeen in 1980 and sold to US oil services giant Weatherford for £104m in 1999. The company attracted the attention of a number of American oil firms after playing a pioneering role in the development of a type of tube technology which increases oil flow and offers big savings on traditional methods. Petroline now operates engineering facilities in Aberdeen and Arbroath in Scotland, and also an international network of sales offices from Abu Dhabi to Jakarta and Western Australia. Although the company declined to explain the reasons behind its profit growth, it is believed that this innovative technology helped drive profits up by 78% pa, from £1m in 1995 to £5.6m in 1998. Sales grew by 36% pa in the same period to reach £20.9m. Since the sale, the Zwarts have moved to Monaco and cut all ties with the company.

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Company details
CompanyPetroline Wellsystems
ActivityDrilling equipment manufacturer
Annual profit growth77.61%
Latest profits £000s5,625
Latest sales £000s20,947

If applicable:

* supplied by company † annualised figure