Australia’s georesources sector is set for a shake-up as two large providers, Qteq and Perth-based Wireline Services Group (WSG), join forces.
The merger signals an influx of innovative borehole measurement sensors and systems backed by two of the world’s leading geotechnical companies. The transaction will partner Qteq’s integrated technical services team with almost 80 field logging engineers across Australia and Canada.
Qteq founder and CEO Simon Ashton said he was looking forward to a new, efficient era with improved production and sustainability, and positive environmental outcomes on a national and global scale.
“We are excited to join forces with a company that shares our vision for a sustainable, environmentally responsible georesources sector,” Mr Ashton said.
“WSG’s 18 years of experience and dedicated team enhances Qteq’s national and international service capability beyond our current bases in every Australian state and core hubs overseas.
“As we continue to provide local high-skill jobs and pioneering technology, we are acquiring companies that are driven to secure Australia’s clean, sustainable energy future.”
The merger is supported by WSG founder and Managing Director Matthew Mayne, who will remain at Qteq as Managing Director of the Qteq Measurement Systems division. Mr Mayne, who launched WSG more than 18 years ago, said that this merger was the perfect opportunity for the company’s expertise to reach new markets.
“My first order of business will be driving the division’s regional and global growth, as Qteq continues to expand into South America, Africa and Canada,” Mr Mayne said.
“The integration of the two companies will provide new opportunities across the georesources sector on a scale that has not been seen before. It will build and refine the skillset of our combined teams and provide our clients with direct access to Qteq’s innovative subsurface technologies.”
As a leading provider of subsurface geophysical and geotechnical measurement systems, and more than 30 logging units across Australia, Asia and Canada, WSG’s in-house Data Services team will work alongside Qteq’s client-focused team to increase the market uptake of Qteq’s technology portfolio.
“We aim to offer the most innovative, cutting edge subsurface data services and technology in the industry,” Mr Mayne said.
“Qteq’s research and development team, in Perth, is building a tech-based bridge from the oil and gas sector to the coal seam gas (CSG), mining and ground water industries, with elemental spectroscopy and MWD Systems for RC drilling.
“WSG’s enviable reputation for delivering a highly competitive, high quality and safe services across the industry aligns with Qteq’s core vision.”
Qteq’s team is fully committed to providing an efficient and safe solution to the mine site automation trend that is changing the georesources industry. Measuring and monitoring the subsurface drives informed decision making, and protects the industry’s social licence to operate and meet community environmental expectations.
The WSG and Qteq merger is just one of five successful acquisitions by Qteq, in 2018 alone. With the company rapidly growing to become one of the largest providers in the world, Mr Ashton said that the organisation was looking for a range of capital raising options in the future.