Deal Accelerates Delivery Of Next Generation Technology
HOUSTON, TEXAS, USA, July 7, 2021 /EINPresswire.com/ — Quantum Energy Technologies (Quantum) announces the acquisition of Houston based MWD Supply. The business will become a subsidiary of Quantum and offer one of the largest measurement-while-drilling (MWD) sales and rental fleets in North America.
Alliance plans to combine its next generation high-speed telemetry with MWD Supply’s existing “X-Tool” product line. The modular upgrades will enable a 175°C high-torque and high-dogleg EM option for the existing X-Tool platform. In addition, Quantum will provide upgrades to the 185°C “hot hole” product line from MWD Supply to meet the growing demand for wells in the +175°C subset. As part of the deal structure, Jim Chambers II, CEO of MWD Supply, will join the Board of Directors in the new entity, while Jim Bush, will carry on the role of Chairman and CEO.
“Quantum builds on MWD Supply’s successful legacy of providing top of the line product and service to its customer base,” said Chambers. He added, “with wells being drilled faster and faster, high-speed telemetry will become a necessity. Quantum provides the shot of adrenaline our product needed to meet that demand and I couldn’t be happier for the opportunity to join this exciting path.”
“MWD Supply provides an accelerated path to market for our Quantum platforms, as well as an existing pipeline for product sales, purchase financing and rentals of drilling related product – all of which we can plug right into,” said Bush.
ABOUT MWD SUPPLY:
Houston based, MWD Supply has operated one of the largest MWD sales and rental businesses for the past decade. The company has provided technology primarily to North America but continues to support a global footprint as called upon. MWD Supply employs a highly skilled operations team that continues to put a customer first mindset to work.
Conroe, Texas based Quantum, is devoted to the “skunk-work” style development of unique measurements & communication technologies used in the course of drilling and logging oil and gas wells. Quantum proudly employs some of the world’s top engineering minds at its Technology Center.