Coretrax, leading engineered servicing company for wellbore clean and abandonment, has strengthened its position in the Middle East by opening an office in Abu Dhabi, its fourth base in the region, totalling a $2million investment.
A team of four personnel work from the base, and this is expected to grow to 14 within the next 12 months as Coretrax expands to another office and warehouse based in Mussafah, southwest of the city, in late 2015.
Coretrax, who offer a wide range of downhole tools and services with applications across the well life cycle, currently has bases in Saudi Arabia and Dubai, which have been operational for 24 and 12 months, respectively. The company also has a base in Ebril, Iraq and a team of 14 is currently employed across all Middle East bases.
This latest expansion signifies the next step in Coretrax’s ambitious plans to penetrate the Middle East and comes as the company announces the appointment of UAE based agent, SAMCO to represent Coretrax in Abu Dhabi.
Coretrax global business development director, John Fraser, said: “Having a permanent local presence in Abu Dhabi allows us to continue to surpass client expectations by offering a superior service and enables us to build on our customer base. Having now opened four offices in the Middle East further underpins and confirms our commitment to expand our offering in the region.
“Through our work in the Middle East, we have experienced real growth for Coretrax internationally, and we hope to maximise further opportunities by our appointment of SAMCO, who will act as a conduit for us in Abu Dhabi. We see SAMCO as a dynamic and forward thinking company, which aligns well with our team. We are confident that our agreement will be beneficial, and we anticipate a successful relationship.”
Rolv Flaaten, CEO of SAMCO, said: “We are continually searching for the most innovative companies to represent and we are happy to be working with such a highly efficient company. We look forward to working with Coretrax and further building the company’s profile within the UAE by offering its pioneering wellbore clean products to our expanding client base.”
Coretrax was established in 2008 to provide a bespoke and tailored service, offering a wide range of downhole tools and services which provide up-to-date solutions to improve time efficiency, maximise cost reduction, reliability, damage prevention and technological advancement to the global oil and gas industry.
The company currently employs 36 people across its bases and this number is projected to increase within the next nine – 12 months due to increased business activity globally.