Aberdeenshire-based oilfield technology firm Coretrax has started the year with a clutch of contract wins and ambitious growth plans.
The company said it is poised for further growth this year, with five multi-year contract wins secured.
And it plans to grow its footprint in Asia Pacific by a further 30%.
It also expects to increase its 320-strong workforce by an additional 100 people across its bases in Europe, the Middle East, Asia Pacific and the Americas.
We have experienced a period of sustained growth and are excited to be entering 2024 with a strong pipeline of work and plans for further expansion in the coming months.”
John Fraser, CEO, Coretrax
Coretrax, which has its headquarters in Portlethen, declined to say how much the new contracts are worth or who the clients are.
But it said they included its first project win in Latin America and a breakthrough for one of its product lines in the United Arab Emirates.
The firm also highlighted its largest geothermal contract to date, a multi-year project in Denmark.
Chief executive John Fraser said: “We have experienced a period of sustained growth and are excited to be entering 2024 with a strong pipeline of work and plans for further expansion in the coming months. Our technology spans the entire well lifecycle which means we can support operators from drilling right through to the plugging and abandonment phase.
Growing international demand for Coretrax’s technology
“The coming 12 months will see us increase our headcount and footprint globally, with Asia Pacific a particular focus for the business as we respond to increasing demand for our technology across countries including Australia, Brunei and Malaysia.
“We are also eager to extend our operations in the geothermal and CCS (carbon capture and storage) sectors.”
Coretrax said it had a record-breaking year in 2023, delivering upwards of 500 projects globally as demand for its technology continues to rise. Closer to home, as of September, the company’s tools were active across all 24 active installations in the North Sea.
Meanwwhile, the firm has made a number of key appointments in recent months. These include its first sales and operations manager for Africa and a country manager for Australia, New Zealand and Papa New Guinea.
‘Significant technology acquisition
Other recent developments at Coretrax include its “significant” acquisition of a suite of technology from US company Wireline Drilling Technologies for an undisclosed sum.
Mr Fraser said: “The additional technologies have integrated seamlessly into our portfolio of tools and are supporting several new contractsm including a global supermajor and an ongoing long-term project in the Middle East.
Coretrax has a portfolio of more than 50 technologies.
The last set of published accounts for the firm show it made pre-tax profits of £5.1 million on turnover of £65.3m in 2022.
Private equity firm Buckthorn Partners has held a majority stake in the business since 2018.
Conversation