Oilfield technology firm Coretrax has moved into new headquarters just outside Aberdeen in order to accommodate growth.
The new facility at Badentoy industrial estate, Portlethen, consolidates operations at the firm’s two previous sites – on Moss Road, at the Gateway Business Park, in Cove, and Crombie Road, in Torry.
Coretrax moved into the new, leased building on July 5, increasing its office/yard space in the Aberdeen area by 50%.
The global well integrity and production optimisation company employs around 190 people across operations in Aberdeenshire, North America, the United Arab Emirates, Saudi Arabia and Malaysia.
About 60 of these are currently based at Badentoy but the company expects to grow headcount later this year.
The new premises boast 70,000sq ft of offices, warehouse and yard space and are expected to support increased demand across the firm’s Europe, Africa, Russia and Caspian (EARC) business.
Newly appointed regional manager Keith Bradford, previously a general manager at Downhole Products and region director at Varel Energy Solutions, is tasked with driving growth across EARC.
We already have a healthy pipeline of work moving into the remainder of this year and I look forward to expanding our footprint across the oil and gas and renewable sectors in the coming months.”
Kenny Murray, managing director, Coretrax
Coretrax has also doubled the size of its Middle East headquarters in Dubai – after moving into a new tax-free zone office space in the emirate – and opened an operations hub in Abu Dhabi.
Murray Forbes, Coretrax’s newly appointed vice-president of sales and marketing, is working out of the Middle East regional HQ to “drive and enhance” the company’s technology offering. Other new recruits to the firm’s senior management team include Emile Sevadjian, Houston-based vice-president of expandables engineering.
‘Significant milestone”
Coretrax chief executive Kenny Murray said: “Our new, larger offices in Aberdeen and Dubai are a significant milestone for the business as we gear up for further expansion in the next 12 months.
“Despite the challenges that the Covid-19 pandemic has presented, we are continuing to see increased demand for our technology and this is testament to the high-quality service our people consistently deliver.
“Our new senior appointments each bring substantial knowledge and experience to the business which will be vital as we implement our ambitious growth strategy.”
Mr Murray added: “As the industry continues to focus on driving operational efficiencies and responsible oil recovery, we are ideally placed to support operations at all stages of the well lifecycle.
“We already have a healthy pipeline of work moving into the remainder of this year and I look forward to expanding our footprint across the oil and gas and renewable sectors in the coming months.”
Coretrax was established in December 2008, with initial investment of about £300,000, some 60% of which was from Clydesdale Bank.
Private equity investment
Private-equity house Buckthorn Partners took a majority stake in the group in late 2018.
Coretrax accelerated its expansion nearly two years ago with the acquisition of Churchill Drilling Tools, of Aberdeen, from Andy and Mike Churchill for an undisclosed sum.
Churchill and another acquisition, US-based well specialist Mohawk Energy, were brought under the Coretrax brand last year.
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