"We are absolutely delighted and honoured to have been selected as the winning company. This is very much the South West's most prestigious business award and the rigour of the judging process justifies the high standing of the award within the business community. The award is a recognition that all our staff can celebrate and are very proud of the achievement."
One of the Independent Judges said “Viper has created one of the most innovative products I have encountered. Solving a really critical problem for subsea electrical systems and saving the oil majors significant costs in repairs and downtime”.
The company was initially set up with £45k of working capital and last year achieved a turnover of over £5.3m.
Despite being hit by the collapse in oil price from $115 per barrel to less than $30 per barrel in a single year, the company has fared well, with its V-LIFE technology generating two distinct income streams. The first is a payment for the sale of hardware and associated bespoke interface engineering. The second sees the service provided as a ‘software licence’ model with a monthly charge – similar to a mobile phone contract.
For Viper’s customers, the V-LIFE technology provides an alternative solution with significant cost savings and prevents the need to procure and install replacement subsea hardware. The technology keeps oil and gas fields producing by reversing the effects of failed subsea electrical equipment.
The company has also been successful in obtaining funding for research and development (R&D) from oil field operators (via Joint Industry Projects) and government grants (RDA, RGF and Innovate UK). They have also partnered on projects with BP, Shell, Chevron, Total and ExxonMobil, as well as a number of Universities.
Pippa Clarke, private business leader for PwC in the West and chair of the Judges concludes:
“This year’s competition was tough as there were four great businesses in the final. The Independent Judges were hugely impressed by Viper Innovations’ all round strong business model, which includes impressive innovation, contribution to the region plus a highly engaged workforce and career progression opportunities available for their people”.
“I would like to personally congratulate Viper Innovations on being awarded this title, and also to congratulate all the 2017 finalists. It is an amazing achievement to make it through to being a finalist, given the high standards required across all facets of the business and the rigour which the judges apply ”
More about Viper Innovations:
In 2014 Viper was announced as the winner of the Subsea UK award for Innovation and Technology, as well as the winner of the Innovation and Technology Award at the National Private Business Awards. In 2015 the technology was recognised again as the winner of the Business Leader Innovation award and in April 2016 the company won a Queen’s Award for Enterprise in the Innovation category, again for the V-LIFE technology.
With a number of new patented products and services in the pipeline, Viper Innovations is continuing to invest in innovation, new products and customer diversification.
The West of England Business of the Year Awards are sponsored by PwC and run in association with Circle2Success, Devon and Cornwall Business Council and Bristol, Bath, Swindon Business News.
Other finalists in the ‘Under £30m turnover’ category:
· Red Paddle Co
· Exeter Rugby Club
Hear Viper Innovations story in their own word in this short video, which was featured at the Awards Ceremony/
Pictured below (from left):
Proposals & PR Manager, PwC United Kingdom