Oil firms merge
Coretrax plans global growth after Churchill deal
Expanding: Kenny Murray
Oil services firm Coretrax has acquired Churchill Drilling Tools in a deal for an undisclosed sum backed by its private equity investor.
Bringing the two Aberdeen companies together will strengthen Coretrax as it pushes ahead with plans to widen its well construction and intervention offering and enter new global markets.
London-based Buckthorn Partners took a majority shareholding in Coretrax last year and said it would help the company expand internationally through a combination of acquisitions and organic growth.
Coretrax was founded in 2008 by managing director Kenny Murray and supports global well construction, completion and plug and abandonment operations. It currently has bases in the UK, Middle East and South East Asia.
Churchill Drilling Tools launched in 2002 and has operational bases in Aberdeen, Houston and Dubai. Its product range covers drilling, completion and plugging and abandonment operations.
Mr Murray reduced his holding when London-based Buckthorn Partners bought into the company. Now employing 200, the company continues to invest in developing technology and expanding its service and engineering capabilities.
Mr Murray, who became chief executive after Buckthorn’s buy-in, said Churchill’s “first-class technology, talented team and reputation for quality were a compelling draw for Coretrax”.
Mr Murray 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.