Bournemouth-based firm strengthens its presence in Latin America
Drilling Systems fulfills US $1 million Pan American Energy contract with UKEF support.
| About the transaction: Drilling Systems | |
|---|---|
| Region | Dorset |
| Sector | Energy: drilling simulators |
| Export destination | Argentina |
| UKEF support | Export working capital scheme |
In 2016, Pan American Energy (PAE), an Argentina-based firm specialising in oil and gas exploration and production, saw Drilling Systems showcase their equipment at a conference. PAE got in touch with the Bournemouth-based firm, who are a global supplier of drilling simulator systems and software.
The new contract that followed, valued at over $1 million, required significant investment from Drilling Systems to purchase materials. It threatened to put pressure on the firm’s working capital.
Thankfully, as a result of a guarantee provided to Drilling Systems’ bank under our export working capital scheme, the company benefited from a bank-funded working capital facility of £375,000.
Stephen Dines, Chief Financial Officer of Drilling Systems, said:
UKEF’s working capital scheme was instrumental in enabling us to significantly scale up our activity with PAE. This opportunity enabled us to substantially increase revenue, strengthen our presence in Latin America and lay groundwork for further phases of business.
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