ITS Pipetech, based in Sydney, provides innovative pipeline rehabilitation solutions to the water, mining, road and rail sectors.
Priding itself on its ability to provide practical state-of-the-art solutions, ITS tailors its designs, equipment adaption and construction methodologies to meet client specifications.
Since 2005, ITS has created a diverse, predominantly blue-chip customer base in Australia, having completed projects for governments, local councils and mining conglomerates.
A new opportunity
ITS won a contract for the supply and installation of a sewer relining system in Suva on behalf of the Water Authority of Fiji, its first export opportunity.
The project is to be undertaken in two stages, ranging from investigation and scoping works, right through to installation of the linings.
To secure its participation, ITS was required to provide bonding of $600,000, comprising a performance bond and warranty bond.
While ITS’ bank was supportive of the company’s expansion into exporting, it was unable to provide the bonding needed by ITS due to a lack of tangible security.
This would have required ITS to provide 100 per cent cash as collateral, which would have tied up its precious working capital.
A helping hand
We provided a $600,000 bonding facility, which allowed ITS to fulfil its contractual obligations and secure the contract with the Water Authority of Fiji.
In providing this facility, we focused on ITS’ positive track record in Australia and its ability to mobilise an experienced field team with extensive knowledge of the infrastructure management issues faced by the Fijians.
Once ITS has established its capability with the Water Authority of Fiji, it’s likely that ITS will secure contracts for future work – a great result for this new exporter.