Coretrax acquires well technology and secures fresh deals
Coretrax, a global leader in oil and gas well integrity and production optimisation, has strengthened its well intervention capabilities after acquiring a complementary suite of technology from Wireline Drilling Technologies.
The significant investment has expanded Coretrax’s offering. Since completing the acquisition, the firm has signed a global route to market agreement with a supermajor to support its well intervention requirements internationally and secured additional work in the Middle East with an existing client.
The company has already integrated the new assets and software, which include wireline pump units, drilling units and tractor modules into its existing technology portfolio. The additional equipment boosts Coretrax’s current well integrity offering, enabling the business to access and address damaged wellbores. and support highly deviated wells more efficiently.John Fraser, CEO at Coretrax, said: “This investment demonstrates our continued drive to enhance and improve our services, positioning
Coretrax as a full turnkey solution for all wellbore entry and remediation operations. The additional technologies have integrated seamlessly into our portfolio of tools and are supporting several new contracts including a global supermajor and an ongoing long-term project in the Middle East.
“As the industry remains focused on extracting maximum recovery from existing wells, demand for wireline applications has increased as operators realise the cost and sustainability benefits they bring across well intervention, frac plug drilling, well conveyancing and lateral drilling. Our recent investment will undoubtedly open up new markets for the business and we are excited about the opportunities this will bring.”
Coretrax has a portfolio of over 50 technologies, with operations across Europe, the Americas, the Middle East and Asia Pacific.
Published: 16-01-2024
