Ausdrill has acquired the Western Australian hydrogeological drilling company Connector Drilling.
“This acquisition is an important strategic step for Ausdrill as it broadens our capabilities in the services we offer,” Audrill manager director Ron Sayers said.
It bought the driller for approximately $30 million along with an earn-out of 50% of EBIDTA from completion to 30 June 2011.
Completion is scheduled for late February.
Connector operators in two areas of drilling, waterwell and non-waterwell surface drilling.
It currently operates several rigs, and recently commissioned two new DR capable rigs (including a Schramm T130XD), and has a new DR rig in transit and another on order due for completion in April.
According to Ausdrill, it acquired the company as it expects “a continued high demand for hydrogeological drilling and that Connector is well positioned to meet customer needs with rigs that incorporate the latest safety technologies.”