Paramount Engineering & Technology Company Limited (PETCO) was founded in 1993 as joint venture Company between Negris Limited and Paragon Engineering Services Incorporation USA. It was then known as Paragon Engineering Nigeria Limited (PEN). The company was renamed in August 2001 when it became a wholly owned subsidiary of Negris.

By successfully completing projects from platform upgrades and facility restorations to management of major EPC projects, PETCO has gained a reputation for designing advanced and cost-efficient oil and gas production facilities for both offshore and onshore installations.

PETCO has the necessary facilities, qualified engineers, designers and draftsmen to provide project management services, quality control and quality assurance inspection services, and computer aided design and drafting services of projects of any complexity. Some other capabilities of the company include:

As an active engineering company, PETCO also offers extensive training programmes for engineers and operators who work in oil field facilities and related areas. The company collaborates with relevant overseas partners including Stone & Webster International (a Shaw Group company) and Diamond Offshore for offshore drilling services.