Aberdeen-based oilfield service firm Coretrax has invested £1.25million in the Middle East after it opened its fourth office in the region in Abu Dhabi.
The expansion comes after it launched a new cement placement tool to coincide with its participation in the Abu Dhabi International Petroleum Exhibition and Conference.
Coretrax said a team of four will work from the new base, and this is expected to grow to 14 within the next 12 months as it expands to another office and warehouse based in Mussafah, southwest of the city, later in the year.
Coretrax, which offers a wide range of downhole tools and services, 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 Erbil, Iraqi Kurdistan and a team of 14 is currently employed across all Middle East bases.
This latest expansion signifies the next step in Coretrax’s 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.”
Rolv Flaaten, chief executive 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 range of downhole tools and services that improve time efficiency, maximise cost reduction for 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.