Breaking into the South American drilling market with the help of Team Finland LetsGrow
Arctic Drilling Company is looking for new markets in Chile. To accelerate its internationalisation process, the company has participated to the Team Finland LetsGrow financing programme.
Founded in 2004, Arctic Drilling Company (ADC) provides drilling services, such as sampling and measuring, and develops machinery for surface and underground drilling. The company's products and services are mostly used in mineral exploration. ADC's customers include some of the largest mining companies in the world, such as LKAB, Anglo-American, Agnico-Eagle and FQM. The company's factory is located in Rovaniemi, Finland.
ADC employs almost 80 people, and its turnover has been growing steadily; last year the company's turnover was approximately EUR 10 million. The company's primary markets for drilling services are the Nordic countries.
"Competition in the Nordic countries is fierce, as the volume of work and prices have dropped in the last two years. Chile is a rapidly growing market area at the moment", explains Aleksi Autti, ADC's Head of Exports.
"We are looking to grow through export trade. Our main goal is to secure a share of the Chilean market, make our operating model better suited to the international domain and invest in the manufacture and sales of drilling machinery in specific markets. LetsGrow seemed well suited for these purposes."
The Team Finland LetsGrow financing programme is based on the premise that Finnvera grants an unsecured loan, Tekes provides grant for innovation services and Finpro provides advice on growth and internationalisation.
According to Autti, the LetsGrow funding and advice bundle is an important tool for businesses that are looking to invest in growth. Businesses are more likely to apply for funding if they can get a comprehensive financing service for promoting export trade from the same source.
ADC strives to stand out from the competition by investing in next-generation drilling machinery. The machines are automated and move independently, which makes them safer and more efficient than conventional drilling machines. ADC invests in quality, environmental friendliness and safety, which is evidenced by the company's ISO9001, ISO14001 and OHSAS18001 certification. Arctic Drilling Company is the first Nordic company in its field to be given these certificates.
"In five years' time, ADC will be operating not just in the Nordic countries but also in at least three other market areas on a permanent basis, and the company will be one of the biggest employers in Rovaniemi."
Text: Kaj Nordgren, Tekes
Photo: Arctic Drilling Company