ABERDEEN headquartered oil services firm Coretrax has acquired Churchill Drilling Tools, also based in the city, for an undisclosed sum.
It said the move was as part of an ongoing growth and expansion strategy and added that it will integrate its extensive downhole product portfolio into a new group, with Churchill’s employees joining the Coretrax team.
Coretrax, which supports global well construction, completion and plug and abandonment operations, has bases in the UK, Middle East and South East Asia and said it is planning entry into new regions.
Churchill Drilling Tools launched in 2002 and is established as a high quality and innovative global drilling tools business with operational bases in Aberdeen, Houston and Dubai. Its product range covers drilling, completion and plugging and abandonment operations.
READ MORE: Scots oil services firm sold to London investors
Kenny Murray, chief executive of Coretrax, said Churchill Churchill’s “first-class technology, talented team and reputation for quality were a compelling draw for Coretrax as we push ahead with plans to widen our well construction and intervention offering and enter new global markets”.
Coretrax secured a significant investment from private equity firm Buckthorn Partners last year. Now employing 200 people, the company continues to invest in developing technology and expanding its service and engineering capabilities.
A group structure will be formed, which will include Coretrax, Churchill and expandable tubular well solutions specialist Mohawk Energy, following its acquisition by Buckthorn Partners earlier this year.
READ MORE: Coretrax in £3.5m loan funding boost
Mr Murray also said: “All contracts and projects will continue as normal, but with the added benefit of access to additional products, services and expertise.”
The company “continues to grow organically with sizeable contract awards and renewals and is pursuing a robust strategy”, he said.
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