OIL services group Coretrax expects to create 50 jobs this year in response to strong demand for services such as North Sea well decommissioning.
The Aberdeen-based group expects to maintain rapid growth after increasing employee numbers by 50 in the latest 12 months, to 300.
Coretrax has benefited from strong activity levels in the global oil and gas sector and has started to make inroads into emerging markets associated with the global drive to reduce emissions.
The private equity-backed firm noted it is working on supporting increased production from oil and gas operations in the Middle East and the USA.
“In the UK, the majority of our work is in wellbore clean up and plugging and abandonment as we help operators to safely decommission their assets,” said chief executive John Fraser.
Large numbers of North Sea wells will be decommissioned in coming years as fields reach the ends of their economic lives.
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Coretrax said it had also recently supported its first carbon capture and storage (CCS) and geothermal energy campaigns. The company sees significant potential to harness its technology and experience to win work in the lower carbon sector.
A spokesperson for Coretrax said the company employs 92 people in Scotland. It has plans to recruit at least another six people in the country in the current year. Coretrax has created 18 jobs in Aberdeen in the year to date.
The company did not provide details of its recent financial performance.
London-based Buckthorn Partners acquired a majority stake in Coretrax in 2018.
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Industry watchers have noted the potential for oil services firms to play an important part in the development of the offshore renewables industry in Scotland. Financial buyers have in recent years noted the potential to use acquisitions to help oil services firms to accelerate growth in what remains a fragmented market.
The company was founded by entrepreneur Kenny Murray in 2008.
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