Aberdeen-headquartered oilfield services firm Coretrax has announced a merger with a company in the US.
Coretrax is joining forces with Mohawk Energy after private equity group Buckthorn Partners invested in the Houston-based firm.
It comes after Buckthorn became the majority shareholder in Coretrax, a wellbore clean up and abandonment specialist, in December.
Coretrax currently employs 90 people, while Mohawk employs 30, and Coretrax expects to increase staff by up to 30% over the next 12-18months following the announcement.
The companies said this is a “sizeable” investment, which makes Buckthorn the majority stakeholder in Mohawk, but did not give an exact figure.
Mohawk, which operates across the US, North Sea and Middle East, specialises in well integrity.
CEO Scott Benzie said: “The investment from Buckthorn allows Mohawk to build its global footprint.
“This marks one of the most exciting periods for the technology with growing acceptance for expandable technology in the well integrity and refrac space marking a step change in the breadth of application the technology can be applied to.”
The leadership teams at Mohawk, which was set up in 2004 by Mr Benzie and Andrei Fillipov, remain in place, with the pair remaining involved in the business.
Coretrax CEO Kenny Murray added: “I am tremendously excited about the opportunities this move creates for Coretrax and Mohawk to combine forces on bringing new ideas, products and services to the industry and create more value for our clients across the globe.
“We continue to invest in our people, technology and international expansion and this will enable further growth for Coretrax in the US and other regions.
“We are all very much looking forward to working together in building a new type of well construction and intervention business. ”
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