Compression Leasing Services, Inc. (CLS) began by manufacturing unique and specialized compressors and other oil and gas compression equipment one order at a time. CLS quickly realized that there was a unique place in the compressor market that greatly needed more attention.
The company had a pending $6.4 million sale to Air Drilling Associates of Singapore. CLS was securing a loan to purchase the equipment without prepayment from its overseas customer.
With EXIM Bank’s medium-term insurance product—backed by the full faith and credit of the U.S. government—Wells Fargo Bank agreed to provide a loan to the buyer, allowing CLS to move forward with the deal. As a bonus, the customer in Singapore received a longer repayment term, which is a perk that can build customer loyalty over time.
Today, CLS has become one of the world leaders in the manufacturing, sales, and rentals of compressors, boosters and pumps for the energy industry, with equipment sold in at least 15 countries worldwide. EXIM has supported $2.8 million of CLS’s exports during the 2013 to 2017 time frame. The best part, however, is that the sale created three family-supporting jobs and sustained nine more in Casper, Wyoming. With a mission of supporting American jobs through exports, that transaction is a perfect example of EXIM Bank’s work with exporters in all 50 states.