Well construction firm Coretrax makes acquisition 26 November 2019
Well construction and intervention company Coretrax has acquired Churchill Drilling Tools, as part of an ongoing growth and expansion strategy.
Aberdeen-headquartered Coretrax, which supports global well construction, completion and plug and abandonment operations, has bases in the UK, Middle East and South East Asia and is planning entry into new regions. It has acquired Churchill for an undisclosed sum and will integrate its downhole product portfolio into a new group, with Churchill’s employees joining the Coretrax team.
Churchill Drilling Tools launched in 2002 with operational bases in Aberdeen, Houston and Dubai. Its product range covers drilling, completion and plugging and abandonment (P&A) operations.
Kenny Murray, CEO of Coretrax says: “Churchill’s first-class technology, talented team and reputation for quality were a compelling draw for Coretrax as we push ahead with plans to widen our well construction and intervention offering and enter new global markets.
“We continue to grow organically with sizeable contract awards and renewals and are pursuing a robust strategy that will push us into new markets more aggressively, including the US and Asia Pacific. Our Middle East operations are going from strength-to-strength and leveraging Churchill’s product range, footprint and team will further augment our presence in the region. All contracts and projects will continue as normal, but with the added benefit of access to additional products, services and expertise.”
Coretrax secured an investment from private equity firm Buckthorn Partners last year to prepare for growth. Now employing 200 people, it continues to invest in developing technology and expanding its service and engineering capabilities. A group structure will be formed, which will include Coretrax, Churchill and expandable tubular well solutions specialist Mohawk Energy, following its acquisition by Buckthorn Partners earlier this year.
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