A leading drilling business is expanding with support from Clydesdale Bank.
GeoSonic Drilling was formed after Alloa-based Mulraney Group, which owns and operates a number of building and engineering businesses, acquired global mineral exploration giant Boart Longyear’s UK drilling services division and plant.
The purchase - which created the largest fleet of independently owned and operated sonic drilling rigs in Europe - was assisted by a substantial loan from Clydesdale Bank’s Business and Private Banking Centre in Glasgow.
Sonic drilling uses high frequency energy to take samples below ground. Its introduction is regarded as one of the most important technological developments within the drilling industry during the last decade.
GeoSonic Drilling, which specialises in site investigations for the environmental planning, construction, mining and renewable energy sectors, owns and operates a total of nine rigs. Its eight “mini” or small rigs can drill to depths of 80 metres while its large rig is capable of drilling to depths of 200 metres.
Among the internationally renowned firms GeoSonic Drilling counts as customers, are industrial mineral production specialists Imerys and offshore contractor GeoSea. Other clients include significant blue chip consulting and engineering houses, governmental bodies, industrial suppliers and ground investigation contractors.
Between its HQ in Alloa and projects located across the UK, GeoSonic Drilling employs 35 drilling technicians. Turnover for 2013 is projected to comfortably exceed £5million.
David Dennis, GeoSonic Drilling’s general manager, said: “After years of being part of a big corporation, we are now pursuing new opportunities to grow the business. These include adapting our equipment to better suit UK ground conditions and working with clients who previously would have considered us as competitors.
“We welcome Clydesdale Bank’s support for our takeover and we hope to continue working in partnership with its experienced team as we expand our fleet and grow operations across the UK.”
Robert Gibson, Head of Clydesdale Bank’s Regional Business and Private Banking in Glasgow, said: “GeoSonic Drilling offers world-leading engineering services to some of the world’s biggest firms.
“We’re proud to be working with such a pioneering firm and look forward to helping it achieve its growth aspirations.”