Going that little bit further
Drilltools Ltd is an independent engineering business in the oil and gas sector with its head office in Edinburgh and test facility in Aberdeen. Founded in 2014, the company specialises in the design and manufacture of downhole tools, providing innovative solutions to drilling problems.
The business prides itself in bringing improvements in safety and efficiency of drilling operations, particularly in challenging environments. Drilltools’ directors Paul Hilliard and Jeff Knight have a wealth of experience in oil well drilling and well intervention, with a long history of successfully completed projects.
To ensure a consistently high level of service, Drilltools established a manufacturing capability at its Edinburgh plant, including the acquisition of a CNC Lathe that allows the team to maintain quality tolerances in relation to the equipment they are producing. To purchase this expensive equipment, Drilltools understood the need to partner with a specialist asset finance provider.
Suzanne Smith, Corporate Manager at Close Brothers Asset Finance, worked closely with Drilltools Director, Paul Hilliard, to fully understand the requirements of the company.
The agreed solution was refinancing of the asset at full market value, releasing much-needed funding at a high proportion of the asset’s original cost. A quick credit decision - taking only three days - allowed both parties to move quickly through the process and release the funding. Suzanne’s in depth knowledge of the customer’s cash flow requirements allowed her to create a structured repayment profile that satisfied all parties.
The additional flow of funding into the company allowed Drilltools to fulfil their growth aspirations and take on new customers. Drilltools’ Director, Paul Hilliard stated: “We are delighted with the speed and efficiency shown by Close Brothers Asset Finance, along with the breadth of knowledge demonstrated by Suzanne of both the sector and the proposal.”