Coretrax, the specialist well construction and intervention company, said Nov. 26 it has acquired Churchill Drilling Tools as part of an ongoing growth and expansion strategy.
Aberdeen headquartered Coretrax, which supports global well construction, completion and plug and abandonment operations, has bases in the U.K., Middle East and South East Asia and is planning entry into new regions.
It has acquired Churchill for an undisclosed sum and will integrate its extensive downhole product portfolio into a new group, with Churchill’s employees joining the Coretrax team. 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 extensive product range covers drilling, completion and plugging and abandonment (P&A) operations.
“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,” Kenny Murray, CEO of Coretrax, said.
Coretrax secured a significant investment from private equity firm Buckthorn Partners last year to prepare for growth. Now employing 200 people, the company continues to invest heavily 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.
Recommended Reading
EON Resources Postpones Annual Meeting to December
2024-11-25 - EON Resources is putting off its annual stockholders meeting in anticipation of not having a sufficient number of shares of its common stock represented by the original deadline.
Dividends Declared Week of Nov. 18
2024-11-22 - Here is a compilation of dividends declared in the week of Nov. 18 from select upstream and service and supply companies for fourth-quarter 2024.
Exclusive: Why Family Offices Favor ‘Lower-Risk’ Oil, Gas Investments
2024-11-22 - Evan Smith, Stephens’ senior vice president for investment banking, describes growth in the company’s network of family offices, specifically those investing in the energy sector, in this Hart Energy Exclusive interview.
Energy Sector Sees Dramatic Increase in Private Equity Funding
2024-11-21 - In a 10-day period, private equity firms announced almost $20 billion in energy funding. Is an end in sight for the fossil fuel capital drought?
Expand Energy Announces $500MM Tender Offer for 2026 Notes
2024-11-20 - Expand also issued a conditional notice of redemption for all of its outstanding 8.375% Senior Notes due 2028.