Master Drilling is looking to expand its operations via Sweden as it looks to Europe and Turkey as a platform to launch into the Middle East.
Master Drilling retained a positive order book of $100m last year, despite the challenges faced in global mining and reduction of exploration drilling. "We are in a better position than we’ve been in the past two or three years. It’s tough out there, but there is definitely work available," said chief financial officer, Andre van Deventer.
The corporation is currently in the process of buying Sweden-based Bergteamet Raiseboring Europe, which is the fifth-largest drilling company. Master Drilling will use the purchase to branch out into Europe and the Middle East to take advantage of geographical diversity.
"The plan is to use that company to get into Europe, and the southern portions in Spain and Portugal, and from there, to get into Turkey to use as a base to access countries like Iran and others in that area.”
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