Master Drilling International Limited (MDI) has today announced its 40% stake in a major raisebore drilling operator in Scandinavia, Bergteamet Raiseboring Europe AB, effective 1 December 2015. The deal is worth approximately €5 million.
The acquisition by MDI is part of the firm’s long-term growth strategy and an effective entry into the Scandinavian region. With Bergteamet’s dominant market share in Sweden, Norway and Finland, MDI will continue to diversify into the European market.
Bergteamet owns a fleet of 18 raisebore drilling rigs and the company is ranked in the top five globally.
Master Drilling CEO, Danie Pretorius said, “We have seen a global demand for our specialised services and in diversifying our operations; we have to look beyond organic growth. The partnership with Berteamet will strengthen our position and entry into new markets, with a continued growth strategy.”