Drilling company beating slump with £1.5m deals

A DRILLING company has secured new contracts worth £1.5m which will help boost staff numbers and annual turnover. The main area of work for Drilcorp, which is based at Hawthorn, near Peterlee, East Durham, is drilling for water and it has a number of blue chip clients throughout the UK.

It has now secured contracts for the London Underground and Coal Mine Gas Recovery worth £1.5m, resulting in the safeguarding of jobs and the recruitment of additional staff to its existing 32.

Drilcorp chief executive Dave Gowans said: “Despite the current economic downturn, we have experienced a very successful year. The two recent contracts we have won relating to the burgeoning renewable industry are worth over £1.5m.”

Mr Gowans, who has drilled for minerals from gold to diamonds across the globe, said: “We have recently invested £800,000 in new drilling equipment and currently have a £2m order book. Within five years, I can see us hitting a £10m turnover figure and employing 45 staff.”

With developments in London now having to generate at least 10% of their power from renewable sources, Mr Gowans says the company is well placed for further growth.

They opened an office near Basildon in Essex earlier this month.