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Durham University

Durham Energy Institute

News

Ikon Science wins 2015 Queen’s Award for Enterprise for second year

(27 April 2015)

For the second year in a row, Ikon Science has been named as a winner of the Queen’s Award for Enterprise. In 2014, Ikon GeoPressure had won the Queen’s Award in the International Trade Growth category. Now the whole company receives this distinguished acknowledgement for its achievements.

GeoPressure Technology – later Ikon GeoPressure - was formed in 1997 as a spin-out from industry consortium-based research originating in Durham University’s Department of Earth Sciences.

Decades of academic research and geologically-based industry experience contributed to developing Ikon’s trademark RokDoc® GeoPressure software, solutions and Roknowledge® digital regional studies that are used extensively by oil companies to safely explore and develop the world’s oil and gas fields.

Richard Swarbrick, Honorary Professor in Durham University’s Department of Earth Sciences, founded GeoPressure Technology, which became part of Ikon Science in 2006. Professor Swarbrick is a Scientific Associate for Ikon Science.

Ikon Science wins the 2015 Queen’s Award for International Trade thanks to a considerable investment in training, research and development. Over the past three years Ikon has established technical business hubs in Bergen, Jakarta, Rio de Janeiro, Calgary, Adelaide and the UAE to support local clients.

CEO Martyn Millwood Hargrave, holds an honours degree in Geology from Durham and is currently a member of the CeREES Geoenergy board at the University.

He said: “We are very honoured to receive the Queen’s Award for Enterprise, the highest accolade for business enterprise. Ikon Science has received this award in recognition of its outstanding performance in growing International Trade. We have increased overseas earnings by 455% over the last six years and we now export to over 200 companies in 44 countries which include markets in the Americas, Africa, the Middle East and Asia.”

Ikon Science started up in South West London. Backed by investors including Shell and Tullow Oil, and building on close relationships with a number of leading academic institutions such as Imperial College London, Heriot-Watt University Edinburgh and Durham University, the company has been able to develop a unique breed of software modelling technologies combining ease of use, cross-domain integration and rigorous scientific content.

“Ikon Science’s domestic & overseas growth has been driven by its reputation for innovative technology and expert scientists combining to predict and understand the subsurface. There is increasing demand for oil & gas companies to improve drilling targeting, effectiveness and the safety of their operations”, said Steve Hunt, COO at Ikon Science. “The company quickly became the partner of choice for reaching these goals.”

Further information

Ikon Science wins 2015 Queen’s Award for Enterprise

Former Durham University spin-out wins Queen's Award for Enterprise (May 2014)