Technology firm on track to success
Aberdeen-based oilfield service company Coretrax Technology Ltd is on target to turnover £1million in its first 18months, begin expansion into the Middle East and is increasing its team to 12.
Coretrax specialises in the design and production of innovative and reliable wellbore tools for drilling, completion and workover operations. Operating from its 6000 sqft workshop and office space in Altens, founder Kenny Murray is focused on developing new wellbore technologies for oil majors globally.
The technology firm began operating in April 2009 with investment from the Clydesdale Bank, broke even in its third quarter and has secured £100,000 of contracts per month for the next quarter. New recruits include an operations manager, two workshop technicians and office administrator. Further appointments are planned in 2010.
Kenny Murray, managing director of Coretrax, said: "We have had a very successful 18months since launching Coretrax during a challenging time, especially for a start-up company. Our reputation as a firm that can meet the needs of the speciality wellbore sector is growing globally - the North Sea continues to be a strong focus and we are also growing our presence in the Middle East with some large projects in the pipeline.
Coretrax has completed 34 wellbore cleanup operations this year with a projected 80 projects in 2011.
"We are focused on developing new products to meet the needs of the industry and we have some exciting R&D plans for 2011. With our contacts throughout the global oilfield industry Coretrax has built a reputation for being able assist with oilfield equipment requirements for our clients. Obviously the financial results we have achieved are important but we also place high importance on other key areas of our business such as accident prevention, the health of our employees and protection of the environment. This commitment was recognised when were awarded the ISO 9001:2008 accreditation earlier this year," Mr Murray continued.
Coretrax Technology is based in East Tullos Industrial Estate, Aberdeen. In addition to the wellbore clean up equipment, the firm also supplies drill pipe/ bottom hole assembly equipment and offers a bespoke design and engineering service to businesses operating in the oil and gas industry.
