New well technology suite and more work for UK firm
UK-headquartered well integrity and production optimization company Coretrax has expanded its well intervention capabilities by boosting its offering with a complementary technology from Wireline Drilling Technologies. Following the acquisition, the well lifecycle solutions provider secured a batch of new deals.
The UK well integrity player has already incorporated new assets and software, including wireline pump units, drilling units, and tractor modules, into its existing technology lineup. These additions are said to enhance Coretrax’s current well integrity services, allowing the company to handle damaged wellbores and efficiently support highly deviated wells.
“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,” said John Fraser, CEO at Coretrax.
According to the firm, a global route-to-market agreement has been inked with “a supermajor player” in the industry to support its well intervention requirements internationally. Additionally, Coretrax secured more work in the Middle East with an existing client. Both of these deals came after the UK well lifecycle solutions provider enriched its technology portfolio with additional equipment.
“As the industry remains focused on extracting maximum recovery from existing wells, demand for wireline applications has increased as operators realize 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,” added Fraser.
This is not the first time that Coretrax has made a move to expand its capabilities, as the well integrity player already bolstered its existing offering in March 2020 by acquiring Churchill Drilling Tools and Mohawk Energy in a bid to provide an integrated solution for well lifecycle integrity and production optimization to the global oil and gas industry.
A multi-product project, which Coretrax completed for a major North Sea operator in November 2022, is said to have eliminated the need for a casing string replacement, enabling cost savings.
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