CORETRAX EXPANDING FOLLOWING INCREASED GLOBAL CONTRACTS

Coretrax, the global well integrity and production optimisation leader, is planning for further growth following recent project wins with headcount rising by 20% to 300 people in the last twelve months.

The Aberdeen headquartered business has expanding operational bases in the US, Middle East and South East Asia with further growth planned in Asia Pacific with the first senior appointments in Australia. The business expects to recruit a further 50 people this year to deal with demand.

The well integrity specialist has also recently supported its first carbon capture (CCS) and geothermal campaigns and sees significant potential in the lower carbon sector to bring its technology and expertise to emerging opportunities.

John Fraser, CEO of Coretrax said: “We have experienced growth across our operations and are currently running live projects on 250 rigs in the Middle East, with support provided from our teams in the Kingdom of Saudi Arabia and Dubai.

“In the US, our unique expandables technology is being used to bring wells back on stream, delivering cost savings and efficiencies with international orders mounting up for this technology that can add value in one run. In the UK, the majority of our work is in wellbore clean up and plugging and abandonment as we help operators to safely decommission their assets.”

Coretrax continues to invest in research and development and currently has a portfolio of over 50 technologies across its four product lines.

One recent multi-year contract is with a major service company in MENA and involves the deployment of Coretrax’s expandable technology to isolate trouble zones and maximise recovery on existing wells.

With a strong engineering focus, Coretrax offers a range of solutions and tools designed to deliver measurable cost and rig time savings. The team brings the solutions together in an integrated package to provide a full well lifecycle solution.

Private equity firm Buckthorn Partners has held a majority stake in the business since 2018.