Qteq expansion continues with 2 more acquisitions
Qteq clients will soon have access to a series of new, innovative measurement sensors and systems to provide borehole data, after the business agreed to acquire Perth-based subsurface data logging company Surtech Systems Pty Ltd.
Qteq also agreed to acquire Directional & Measurement Whilst Drilling (MWD) company WellServ Pty Ltd, in a cash and scrip transaction. These will be Qteq’s third and fourth acquisitions for this financial year.
Surtech is a leading provider of downhole geophysical measurements and utilises a fleet of 23 vehicles across Australia, with main bases in Perth and Brisbane.
The acquisitions will provide the Brisbane-based company with Surtech’s industry-leading systems to collect accurate data on the composition and behaviour of subsurface rocks.
Surtech founder and Managing Director Martin Mulliner, who launched the company more than 20 years ago, said the integration of the two businesses would provide many opportunities.
“We will build on our shared vision to offer the most innovative subsurface services and technology in Australia, across all georesources,” Mr Mulliner said.
Qteq CEO and Chair Simon Ashton said he was delighted to welcome Martin and the Surtech team to the Qteq Group.
“It is a complementary acquisition which greatly enhances our service capability, with operational bases now established in Western Australia, South Australia and Queensland,” Mr Ashton said.
“It will accelerate the market adoption of our BMR (Borehole Magnetic Resonance), Spectroscopy and LWD (logging-while-drilling) services that we are currently developing.
“Qteq has grown from 40 employees, since launching in August 2017, to more than 110 today, and has managed explosive growth in demand for our services.
“We are an example of a thriving Australian company, more than 90 per cent owned by our Australian staff and management, that creates new opportunities through developing and applying technology.”