Speaking yesterday at the company’s annual general meeting, chairman Allan Campbell said the economic climate would not have “real impact” on Lucas’s business.

“Our drilling division is focused on coal and coal seam gas – neither of which we expect to experience any downturn,” Campbell said.

“In fact, as we only have customers of the highest corporate, blue-chip quality, we expect the reverse to be the case.”

The company has targeted revenue of $A600 million in 2009, with earnings before interest, taxes, depreciation and amortisation (EBITDA) of $80 million.

In August this year Lucas acquired Mitchell Drilling, entrenching itself as a supplier to the coal mining industry in eastern Australia. Campbell said Mitchell had been “performing extremely well” and integration was proceeding to plan.

Lucas has now split its business up into three divisions – drilling, infrastructure, and operations and maintenance/other services.

The infrastructure and engineering services business will be headed up by new chief executive Mike Rollo.

Rollo has been with Lucas for almost a year and was previously with Leighton Group.