Maersk Oil awards North Sea abandonment deal to Coretrax
- Business & Finance
Wellbore clean-up & abandonment specialist Coretrax has been awarded a multi-million-pound abandonment contract with Danish oil company Maersk Oil.
Coretrax said on Monday that the contract was for Maersk Oil’s well abandonment campaign in the Central North Sea.
The company added that it would provide wellbore abandonment services including bridge plugs, drillable scrapers, service tools, and wellbore clean up fluids. Work under the contract will begin this month over a three-year period.
Coretrax global business development director, John Fraser, said: “Achieving this contract win has underpinned Coretrax as a leading well abandonment solutions provider. Our products are reliable, effective and save our clients significant time and cost.
“The number of well abandonment campaigns in the North Sea is steadily increasing, and we’re thrilled to have achieved this contract for a key abandonment operation. This agreement will allow Coretrax to continue to flourish globally and further invest in the research and development of pioneering technology to the benefit of our industry.”
On the same day, major news came from Maersk Oil and Total. Namely, the French oil giant said it was set to acquire rival Maersk Oil and Gas for $7.45 billion dollars.
The agreement provides that A.P. Møller – Mærsk will receive the equivalent of $4.95 billion in Total shares equal to approximately 3.76 percent of Total and the French company will take over $2.5 billion of Maersk Oil debt.
Offshore Energy Today Staff