Coretrax, the specialist well construction and intervention company, 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 extensive downhole
product portfolio into a
new group, with Churchill’s
employees joining the Coretrax team. Churchill Drilling Tools launched in 2002
and is established as a high quality and innovative global drilling tools
business with operational bases in Aberdeen, Houston and Dubai. Its extensive
product range covers drilling, completion and plugging and abandonment
(P&A) operations.
Kenny Murray, CEO of Coretrax said: “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.
“Churchill Drilling Tools launched in 2002 and is established as a high quality and innovative global drilling tools business with operational bases in Aberdeen, Houston and Dubai”
“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.”
Andy Churchill, founder of
Churchill said: “We have always been proud to supply our technology to Coretrax
and its clients and the association has always been a very strong one. The
Coretrax reputation for innovation, quality and customer service is second to
none and this development will bring huge opportunities.”
Coretrax secured
a significant investment from private equity firm Buckthorn Partners last year
to prepare for growth. Now employing 200 people, the company continues to
invest heavily 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.
Kenny Murray
added: “We are developing a well construction and intervention group that
offers a much broader integrity and production offering that will deliver
tangible benefits to our global client base.”