Coretrax acquires Churchill Drilling Tools, sets sights on further growth

Specialist well construction and intervention company Coretrax has acquired Churchill Drilling Tools as part of an ongoing growth and expansion strategy. Coretrax has successfully completed an extensive three year decommissioning. Coretrax, leading engineered servicing company for wellbore clean and abandonment, has strengthened its position in the Middle East. Coretrax, the independent wellbore clean-up and abandonment specialist, has achieved a 40% growth in Middle East business in 2018. Coretrax has successfully saved a North Sea operator more than £500,000 during a well abandonment campaign in the UKCS.

It has acquired Churchill for an undisclosed sum and will integrate its extensive downhole product portfolio into a new group. Coretrax, the independent wellbore clean up and abandonment specialist, is gearing up for further growth after a successful half-year trading with more than £5 million. Coretrax has climbed a place in Oil and Gas Middle East’s prestigious list of the top 30 oilfield companies, moving up one position from 22 to 21. Coretrax is excited to announce that we are exhibiting, for the third consecutive time, at this year’s ADIPEC. Churchill Drilling Tools launched in 2002 and is established as a high quality and innovative global drilling tools business.

“Churchill’s first-class technology, talented team and reputation for quality were a compelling draw for Coretrax”, said Kenny Murray, CEO of Coretrax.

Coretrax, leading engineered servicing company for wellbore clean and abandonment, has strengthened its position in the Middle East by opening an office in Abu Dhabi. Its extensive product range covers drilling, completion and plugging and abandonment (P&A) operations. The contract with global operator Hess Corporation for the first designated abandonment campaign of its kind. The independent wellbore clean-up and abandonment specialist was selected to support the decommissioning of 11 wells and has already saved 28 hours rig time on one well alone. The Aberdeen headquartered business has taken on 30 people in the last year and plans to recruit up to 20 by the end of the year.

Company push ahead with plans to widen our well construction and intervention offering and enter new global markets. Its fourth base in the region, totalling a $2million investment. The company opened a base in Saudi Arabia in 2014, has seen a steady uptake in activity with a growing demand. The project is expected to continue to March 2019. A team of four personnel work from the base, and this is expected to grow to 14 within the next 12 months as Coretrax expands to another office. The company has appeared on the list for the second consecutive year, was commended for its investment in South East Asia.

Company continue to grow organically with sizeable contract awards and renewals and are pursuing a robust strategy. Coretrax offer a wide range of downhole tools and services with applications across the well life cycle. The wellbore clean up products which provide substantial operational savings to its global customers. Its success in securing a trio of well abandonment contracts with North Sea operators. The project began in 2012, involving 30 well abandonments at the FFFA and IVRR fields in the UK North Sea. It will push us into new markets more aggressively including the US and Asia Pacific.

It currently has bases in Saudi Arabia and Dubai, which have been operational for 24 and 12 months. The company, which supports global drilling, completion and end-of-life operations, has also secured a trio of well abandonment contracts. As Oil & Gas Middle East tracked the oil and gas industry in the past year. The middle East operations are going from strength-to-strength and leveraging Churchill’s product range. Coretrax will support the operator’s abandonment projects over three years deploying bespoke technologies. Company observed Coretrax’s continued expansion – including its $1.5mn investment in South East Asia.

All contracts and projects will continue as normal, but with the added benefit of access to additional products. The company also has a base in Ebril, Iraq and a team of 14 is currently employed across all Middle East bases. Company strive to deliver operational efficiencies for our clients by reducing rig time and our technologies. The growth is being experienced across the Coretrax operational centres in the UK, Middle East and South East Asia. The event takes place from 7th – 10th November at the Abu Dhabi National Exhibition Centre. Coretrax offer a wide range of downhole tools and services with applications across the well life cycle.

The association has always been a very strong one. It continued investment in research and development means that company bring new solutions to the costly challenge. The factors played a large role in Coretrax’s ranking on our list of the Top 30 Oilfield Services Companies 2018. The Coretrax reputation for innovation, quality and customer service is second to none. The latest expansion signifies the next step in Coretrax’s ambitious plans to penetrate the Middle East. Coretrax currently has bases in Saudi Arabia, United Arab Emirates (UAE) and Kuwait and employs more than 50 personnel across the Middle East.

Coretrax secured a significant investment from private equity firm Buckthorn Partners last year to prepare for growth. It having a permanent local presence in Abu Dhabi allows us to continue to surpass client expectations by offering a superior service. The company deployed its CX-Tubing Hanger to secure the completion tubing before utilising its CX-RTP. Coretrax has had a strong half-year trading with more than £5 million of turnover recorded and is gearing up for further international growth. Now employing 200 people, the company continues to invest heavily in developing technology.

As part of this abandonment campaign, Coretrax successfully ran 45 bridge plugs and cement retainers, including some with a drillable brush. The CX-SVE cement retainer to assist with the restoration of annular cement. The business is continuing to experience growth, particularly in the Middle East. Company expanding its service and engineering capabilities. It attracts an unrivalled audience of industry professionals, which provides an excellent opportunity for companies. A group structure will be formed, which will include Coretrax. It already have a strong presence in Saudi Arabia, the United Arab Emirates and Kuwait.

“We have always been proud to supply our technology to Coretrax and its clients”, said Andy Churchill, founder of Churchill.

It continue to experience significant growth in the Middle East, which is a direct reflection of our dedicated. The latest expansion signifies the next step in Coretrax’s ambitious plans to penetrate the Middle East. Churchill and expandable tubular well solutions specialist Mohawk Energy, following its acquisition by Buckthorn Partners earlier this year. Coretrax has strengthened its position in the Middle East thanks to our culture of developing close. Coretrax provided its BOP cleaning and swarf recovery string to remove swarf from ram cavities. The CX-LTTT (HD) is a cement clean-out tool which provides a one-trip system to allow inflow testing operations to be completed.

Company developing a well construction and intervention group that offers a much broader integrity. The CX-Tubing Hanger can hang up to 400,000lbs of tubing weight and eliminates the expensive and time-consuming process of tubing disposal. The Coretrax team is exhibiting on stand number 1312. It’s a permanent local presence in Abu Dhabi allows us to continue to surpass client expectations. The tool minimises the damage to a packer and can achieve high flow rates which is essential for recovering debris out of hole. Coretrax has experienced a record year for growth in 2018 and expects to recruit a further 20 people by the end of the year. The production offering that will deliver tangible benefits to our global client base.

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