FTE Drilling announces contracts totalling almost $100 million and unveils its new positioning

With expansion plans in North America, Africa and the Middle East, the drilling leader expects to double its sales, equipment and workforce

SHERBROOKE, QC, Sept. 16, 2024 /CNW/ - FTE Drilling, a world leader in drilling in the mining, commercial, industrial and residential sectors, today announced that it is entering a new growth phase, and also unveiled its new positioning.

In recent months, FTE Drilling has won two major contracts totalling almost $100 million with large, fast-growing mining companies, including the largest contract in its history in Guinea, Africa, and another in British Columbia, Canada.

With operations in about 10 countries, FTE Drilling has major ambitions to pursue its development in the United States, South America and Africa, and to break into the Middle East market. To achieve this, it intends to double its sales, its equipment assets and its workforce, to 2,000 from 1,000, over the next five years.

At the same time, FTE Drilling will be investing in its facilities to better manage this anticipated growth. More than $75 million has been invested over the past five years and the company plans to inject an equivalent amount over the coming five in infrastructure and equipment to support its growth, operational efficiency and the development of new markets.

"The passion for drilling is part of our DNA, and the common theme that has enabled us to grow for over 100 years now," says FTE Drilling President Yanic Bernier. "To mark this significant milestone in our rich history, we have decided to adopt a new brand image and we intend to fast-track our growth by increasing our strategic acquisitions and developing new geographical markets." He adds: "Our ambition is to capitalize on the opportunities offered by the drilling and geothermal sectors, driven by the growing trend towards green energy. That's why we are so confident about the future!"

Seeing the big picture in order to stand out internationally

Since 1992, FTE Drilling has built up a solid network of subsidiaries abroad, working closely with major mining companies. The company has a presence in eight African countries, including Côte d'Ivoire and Senegal. In South America, FTE Drilling is currently established in French Guiana.

In addition, a subsidiary was opened in Morocco last year, following investments of over $6 million, including in the construction of mining camps to accommodate employees on site. And the company has expanded its operations in the United States, with a presence now in seven states, including the Carolinas, Nevada and Wyoming.

"We are continuing to grow our global footprint," Mr. Bernier states. "In the coming year, we plan to strengthen our positioning as an international leader in the drilling industry by growing our footprint in Africa (Gabon), in South America (Argentina), and by making our first foray into the Middle East, adding the Saudi Arabian market."

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About FTE Drilling

FTE Drilling, founded in 1923, specializes in various types of drilling in Canada, the United States, Africa and South America. The company has become a leader in mining drilling. It also offers water-supply and geothermal drilling services for the institutional, commercial, industrial and residential sectors. FTE Drilling is committed to the development of the communities where it is present, and is also engaged in philanthropic activities. Headquartered in Sherbrooke, Quebec, Canada, the company manages two divisions, F. Lapointe et Fils and Brewster Well Drilling, as well as a dozen international subsidiaries. Forage FTE has 1,000 employees working in more than 20 service centres around the world. foragefte.com

SOURCE FTE Drilling

Media contact: Valérie Gonzalo, 514 923-1549, [email protected]