CORETRAX ACQUIRES CHURCHILL AND HAS SIGHTS SET ON FURTHER GROWTH

Coretrax, the specialist well construction and intervention company, has acquired Churchill Drilling Tools as part of an ongoing growth and expansion strategy.

Aberdeen headquartered Coretrax, which supports global well construction, completion and plug and abandonment operations, has bases in the UK, Middle East and South East Asia and is planning entry into new regions.

It has acquired Churchill for an undisclosed sum and will integrate its extensive downhole product portfolio into a new group, with Churchill's employees joining the Coretrax team. Churchill Drilling Tools launched in 2002 and is established as a high quality and innovative global drilling tools business with operational bases in Aberdeen, Houston and Dubai. Its extensive product range covers drilling, completion and plugging and abandonment (P&A) operations.

Kenny Murray, CEO of Coretrax said: "Churchill's first-class technology, talented team and reputation for quality were a compelling draw for Coretrax as we push ahead with plans to widen our well construction and intervention offering and enter new global markets.

"We continue to grow organically with sizeable contract awards and renewals and are pursuing a robust strategy that will push us into new markets more aggressively including the US and Asia Pacific. Our Middle East operations are going from strength-to-strength and leveraging Churchill's product range, footprint and team will further augment our presence in the region. All contracts and projects will continue as normal, but with the added benefit of access to additional products, services and expertise."

Andy Churchill, founder of Churchill said: "We have always been proud to supply our technology to Coretrax and its clients and the association has always been a very strong one. The Coretrax reputation for innovation, quality and customer service is second to none and this development will bring huge opportunities."

Coretrax secured a significant investment from private equity firm Buckthorn Partners last year to prepare for growth. Now employing 200 people, the company continues to invest heavily in developing technology and expanding its service and engineering capabilities.

A group structure will be formed, which will include Coretrax, Churchill and expandable tubular well solutions specialist Mohawk Energy, following its acquisition by Buckthorn Partners earlier this year.

Kenny Murray added: "We are developing a well construction and intervention group that offers a much broader integrity and production offering that will deliver tangible benefits to our global client base."