North-east firm Coretrax has pressed the button for further international expansion and expects to hire another 50 workers this year to meet increased demand for its oilfield technology.
Coretrax, based in Portlethen, near Aberdeen, said its global headcount had already risen by 20% to 300 people over the past 12 months.
It currently employs 92 people in Aberdeenshire and plans to recruit about 12 more people for its European operations, including Portlethen, during the rest of 2023.
New markets opening up all over
Meanwhile, it is expanding operational bases in the US, Middle East and south-east Asia.
And further growth is planned in the Asia Pacific region after the firm’s first senior appointments in Australia.
The well integrity specialist has also recently supported its first carbon capture & storage (CCS) and geothermal projects.
Bosses see “significant” potential to apply the company’s technology and expertise to emerging opportunities in the low carbon sector.
Live projects on 250 Middle East rigs
Chief executive John Fraser said: “We have experienced growth across our operations.
“We 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.”
International orders for this technology are “mounting up”, he said, adding: “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 also said it was continuing to invest in research and development.
The firm has a portfolio of more than 50 technologies across its four product lines.
It also boasts bases in key oil and gas hubs in the UK, North America, United Arab Emirates, Saudi Arabia and Malaysia.
Recent contracts include a multi-year deal with “a major service company” in the Middle East and North Africa region. It involves the deployment of Coretrax’s expandable technology to isolate trouble zones and maximise recovery on existing wells.
Coretrax acquired Churchill Drilling Tools and expandable tubular well specialist Mohawk Energy in March 2020 to offer the global oil and gas industry an “integrated and boundary-pushing approach” to well lifecycle integrity and production projects.
A year later the company relocated to its current headquarters, consolidating teams on two previous sites, at Badentoy industrial estate. The move was aimed at supporting future growth across European, African and Caspian operations.
Private equity firm Buckthorn Partners has held a majority stake in the business since 2018.