MEMBER NEWS: Coretrax jump starts new year with clutch of contract wins and ambitious growth plans

January 22, 2024
MEMBER NEWS: Coretrax jump starts new year with clutch of contract wins and ambitious growth plans

Coretrax, a global leader in oil and gas well integrity and production optimisation, 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.

John Fraser, CEO at Coretax, 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.

“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.”

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 a number of 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.

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