JSW Australia is an innovative drilling company that specialises in providing drilling solutions for mining projects and designs customised drilling rigs tailored to meet the unique needs of its clients.
As securing finance to fund highly specialised rigs through banks and equipment finance companies had always proved difficult, JSW Australia reached out to us for a finance solution to support the build of three drill rigs.
Our finance allowed JSW Australia to deliver on the needs of its clients and is facilitating further growth.
Our finance solution enabled drilling company JSW Australia to build three new drill rigs and further expand its business.
Founded in 2010 and with headquarters in Perth, Western Australia, JSW Australia specialises in providing drilling solutions for mining projects. It designs customised drilling rigs tailored to meet the unique needs of its clients. As such, it has developed a robust reputation for innovation within the drilling space.
The finance has helped us add to our workforce, which is great. It's all part of the growth. It’s helping us become more profitable and continue to meet our clients’ expectations.
Chief Financial Officer, JSW Australia
According to JSW Australia’s Chief Financial Officer, Chris Parkinson, getting finance to fund these highly specialised rigs through banks and equipment finance companies had always proved difficult, due to the complexity in determining the value of the assets.
Chris was aware of Export Finance Australia through an existing relationship in a previous role – and understood what we could potentially offer a business like JSW Australia. He turned to us for assistance in funding three drill rigs that JSW Australia was seeking to build.
“Six or seven years ago, I worked with Export Finance Australia. They provided an export-related working capital facility to the business I was the CFO at, so I knew of them and their capabilities,” Chris said. “Then I reached out to their local business development team to see whether there was something we could do.”
Finance for unique project needs
Our finance allowed JSW Australia to deliver on the needs of its clients and is facilitating further growth. It has already built a drill rig for use at an iron ore mine in the Pilbara region. Chris said the client was highly impressed by the performance of the first drill rig and wanted JSW Australia to build more.
The finance solution from Export Finance Australia has helped JSW Australia do what it wouldn’t have been able to do otherwise. “With drill rigs comes the involvement of many other people, not just the drillers and the people doing the mineral samples,” Chris explained. “There's also the mechanical support as well.
Chris has already recommended Export Finance Australia to other mining services CFOs. “The way Export Finance Australia works and what they can do is quite different to what people might traditionally think. It's easy to have the discussion and see whether something will work,” he said.
“We got a great outcome. They listened to us throughout the entire process. They understood us.”