Coretrax begins 2024 with five multi-year contract wins
(WO) – Coretrax, a global provider of oil and gas well integrity and production optimization, is set for further growth with five multi-year contract wins secured for 2024 and plans to grow its footprint in Asia Pacific by a further 30% this year.
The company also expects to increase its 320 -strong workforce by an additional 100 personnel across its bases in Europe, the Middle East, Asia Pacific and the Americas.
The latest deals encompass key milestones including the business’ first project win in Latin America and its first expandable casing patch deployment in the United Arab Emirates
Following a string of successful geothermal and carbon capture and storage (CCS) projects, Coretrax has also secured its largest geothermal contract to date. The company has already deployed personnel for the multi-year project in Denmark where the business will deliver its Origin wellbore clean up technology across 17 geothermal wells.
New and existing projects comprise the continued successful deployment of Coretrax’s full technology portfolio including its RelineMNS casing patch, CX-LTTT multi-set packer, DAV MX Circulating Valve, Reform and Restore expandable straddle systems.
The business celebrated a record-breaking year in 2023, delivering upwards of 500 projects globally as demand for its technology portfolio continues to rise. In September, the company’s tools were active across all 24 active rigs in the North Sea.
As part of its ambitious growth strategy, Coretrax made several key appointments in recent months including its first sales and operations manager for Africa, country manager for Australia, New Zealand and Papa New Guinea and VP of Origin and Advance product lines.
John Fraser, CEO at Coretax, said, “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 sectors with our circulation tools gaining a strong track record in these emerging markets.”
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 approach to well lifecycle integrity and production optimization.
The company has a portfolio of over 50 technologies offered through four product lines with bases in key oil and gas hubs across the UK, North America, United Arab Emirates, Saudi Arabia and Malaysia.
