Coretrax, the independent wellbore clean-up and abandonment specialist, said it has received a substantial investment from private equity firm Buckthorn Partners to accelerate its international growth plans.
The Aberdeen headquartered company, which supports global well construction, completion and end-of-life operations, recently reported record trading performance across its operational centres in the UK, Middle East and South East Asia with more than £5 million of contracts secured this year.
It is also working on projects in the US and West Africa where it sees future market potential for its wellbore clean up technology and service offering.
Under the deal, Buckthorn will become the majority shareholder, with founder and managing director Kenny Murray taking up the CEO role and heading up the existing management team.
Kenny Murray of Coretrax said: “This is an exciting and timely deal which underlines the global opportunity for our differentiated technology and service offering in a fast-growing market segment. This investment from oilfield services specialists, Buckthorn, is a game-changer in terms of our planned growth. We’ve already seen the results of continued investment in our people, our products and our international expansion, particularly into South East Asia. With Buckthorn’s support, we’ll now be able to capitalise on this as well as push into the US, West Africa and Asia Pacific in a much more aggressive way.
“Having secured a number of new contracts in the last year, we’re in great shape to exploit the opportunities across all four continents, creating real value for our clients and opportunities for our people.”
The company, which employs 80 people globally, said it plans to double in size over the next year. It will also be seeking strategic acquisitions which will add value to the business.