Qserv Acquires KCA Deutag's Wireline Operations

Qserv has continued its rapid growth with the announcement of its second acquisition of the year. The company has concluded an agreement with KCA DEUTAG to purchase its wireline division in a multi million pound deal.

The contract, which was concluded on December 6, 2006, sees a total of 25 KCA DEUTAG employees transfer to Aberdeenshire based Qserv. The transaction also includes all wireline equipment, and additionally Qserv will support the ongoing contracts and business requirements previously undertaken by KCA DEUTAG.

Tommy Dreelan, managing director of Qserv, said: "We are delighted to be making this acquisition, which brings with it some excellent equipment and people with a good work and safety culture. Our business is growing daily through our investment and continued client support and is further complemented by this acquisition providing additional capacity and opportunities to clients and staff."

Mike Salter, chief operator officer of the Abbot Group, parent company of KCA DEUTAG, said: "We are very pleased to have concluded this deal with Qserv and that the people and assets are going to a good home which is better able to develop and provide opportunities for the employees in this sector together with having a strong safety and service ethic which is aligned with that of KCA DEUTAG."

Dreelan continued: "The deal caps an extraordinarily successful year for Qserv. In the summer we acquired Weatherford's coiled tubing division, our new £10million headquarters at Portlethen will shortly be complete, while we continue to win contracts worldwide augmenting our reputation as leaders in our field. I expect employee numbers to reach 300 early in the New Year - the prospects for 2007 are very promising."