Sector News

Aberdeen firm QTEC merges with Canadian rival

January 21, 2016
News

Aberdeen-based oil and gas fluid specialist QTEC Energy Services has merged with a North American rival to create a new company, Focus, employing 60 people.

QTEC was part of Broad Cairn Services, owned by north-east businessmen Colin Manderson, Robbie Gordon and Neil Cordiner.

Mr Manderson has become chairman of Focus as a result of the merger of QTEC with Canadian firm Performance Fluid Management (PFM), based in Calgary.

PFM president Peter Matthews is managing director for the new business, with Mr Gordon and Mr Cordiner also joining the boardroom line-up.

A spokesman for QTEC, which employed 34 people, insisted it was a true merger and no cash changed hands.

“Peter and Colin have known one another for about five years and both businesses were doing similar things,” he added.

QTEC was launched in 1992 to provide audit and drilling-fluid handling and containment services to oil and gas operators.

Its operations in Aberdeen, the US and Australia are expected to help Focus turn over about £7million in its first full year of trading.

Mr Manderson said: “There are a lot of synergies between the two businesses so it was a natural fit to bring them together.

“In the current market, which is challenging and will remain that way for some time, both businesses have experienced growth.

“There are opportunities for this to continue and the services we offer will be designed to respond to the realities of today’s global market.”

He added: “Both companies were trusted and respected within the oil and gas industry and bringing them together has been discussed for a number of years.

“PFM has focused more on onshore projects, while QTEC has specialised on projects offshore. The capabilities and knowledge of both companies will deliver true benefits to our clients.”

By Keith Findlay

Source: Energy Voice

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