Aberdeen-based energy services firm Coretrax outlines growth pipeline including hiring plans

Aberdeen-headquartered oil and gas services firm Coretrax is laying down intentions for further growth, including 50 planned hires this year, and as it makes in-roads in the energy transition.

Chief executive John Fraser says: 'We have experienced growth across our operations.' Picture: contributed.

The private equity-backed global well integrity and production optimisation specialist has highlighted how it has grown its workforce by a fifth to 300 in the last 12 months. It added that it boasts expanding operational bases in the US, Middle East and South East Asia, and has further growth planned in Asia Pacific with the first senior appointments in Australia.

The business said its growth comes after recent project wins, citing one recent multi-year contract it has exchanged paperwork on with a major service company in the Middle East/North Africa region that involves the deployment of its expandable technology to isolate trouble zones and maximise recovery on existing wells.

Coretrax also explained that it continues to invest in research and development, and currently has a portfolio of more than 50 technologies across its four product lines, while it has also recently supported its first carbon capture and geothermal campaigns and sees “significant” potential in the lower carbon sector to bring its technology and expertise to emerging opportunities.

Chief executive John Fraser 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.”

The business was formed in the Granite City in 2008, and ten years later saw private equity firm Buckthorn Partners take a majority stake. It also notes how following the acquisitions of Churchill Drilling Tools and Mohawk Energy in 2019, it integrated all operations in the Coretrax brand in 2020, and the year after that it agreed to occupy the Controls Building at Aberdeen’s Badentoy Industrial Estate in a major industrial letting for the city.