Drilling services firm Ausdrill has secured a $150 million debt facility with the Commonwealth Bank.
It said the funds were for general corporate use and would be provided in two $75 million tranches, with three and four year repayment terms.
“The company is now evaluating funding options for the expected growth of its African-based business,” Ausdrill said in a statement.
“Ausdrill will retain its conservative approach to gearing, however, with the strong growth that the company expects over the medium term it is prudent to put in place new facilities that will provide the financial platform to fund that growth.”
The announcement comes a day after Ausdrill announced its subsidiary Energy Drilling Australia had secured an additional contract with Exoma Energy for a second drill rig to be deployed in Queensland’s Galilee Basin.
EDA general manager Peter Wright said the company was continuing to experience growing demand from the coal seam gas industry.
“EDA has been investing in the equipment and personnel we require to meet this demand, enabling us to pursue these significant contracts.”
