The Connecticut State Bond Commission on Friday approved a $5 million loan for Wallingford drilling service provider APS technology to expand its market presence.
The 10-year, 4 percent loan is from the Department of Economic and Community Development to buy new equipment and fund project engineering.
APS also says it plans to expand its state workforce from 155 to 278 by 2015.
The company is a leader in measurement-while-drilling technology, providing steerable and vibration management products to the oil and gas drilling industry. The company’s other locations are in Houston, China, and Dubai.
Gov. Dannel P. Malloy, who chairs the bond commission, met with several of APS’ customers during his September trip to China. After the visit, APS closed a $2.8 million contract with a Chinese oil company.
