Coretrax eyes further growth following strong financial performance
Independent wellbore clean up and abandonment specialist enjoys positive H1 on back of Middle Eastern business.
Coretrax, the independent wellbore clean up and abandonment specialist, is gearing up for further growth after a solid half-year trading with around $8mn of turnover recorded so far.
The Aberdeen headquartered business has taken on 30 people in the last year and plans to recruit up to 20 more by the end of the year across engineering, management and technical disciplines following new international contracts.
The company, which supports global drilling, completion and end-of-life operations, has also secured a trio of well abandonment contracts with North Sea operators including Spirit Energy. Coretrax will support the operator’s abandonment projects over three years deploying bespoke technologies to efficiently clear and plug wells.
Growth is being experienced across the Coretrax operational centres in the UK, Middle East and South East Asia, which opened earlier in 2018 following a major investment in three Malaysian bases.
Kenny Murray, managing director and founder of Coretrax said: “Continuing to invest in our people and products whilst putting time and energy into tenders has contributed to a record performance so far this year. Our South East Asia operation has got off to a great start and we’ve already expanded the team to support our customers’ needs in the region.
“New onshore and offshore drilling and completions projects in the Middle East and long-term contracts in Saudi Arabia continue to drive revenue. Our high service quality sets us apart and results in repeat business from our loyal customer base and we are looking forward to taking on more people in the coming months who share that passion.”
The company is also supporting projects in the US and West Africa where it sees future market potential for its wellbore clean up technology and service offering.
With a strong engineering focus, Coretrax offers a range of solutions and award winning tools designed to deliver measurable cost and rig time savings. The company, which has an engineering house, workshop and test facility at its Aberdeen headquarters, employs 79 people globally.