Brisbane-based georesources company Qteq is set to acquire local data logging company Surtech Systems in cash and scrip for an undisclosed sum.
Surtech, which has been in operation for more than 20 years, provides downhole geophysical measurements and has a fleet of 23 vehicles across Australia, with headquarters in Perth.
Qteq has about 110 employees across the country, with a research and development centre in Applecross.
Qteq also agreed to buy Malaga-based drilling company WellServ in cash and scrip.
Surtech founder Martin Mulliner said the integration of the two businesses would provide a number of opportunities.
“We will build on our shared vision to offer the most innovative subsurface services and technology in Australia, across all georesources,” he said.
Qteq chief executive Simon Ashton said he was delighted to welcome Surtech 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,” he 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.”
The acquisition provides the Qteq with Surtech’s systems to collect accurate data on the composition and behaviour of subsurface rocks.
