Aberdeen firm Coretrax has timed the launch of a new product for the oil and gas industry to coincide with its participation in the Abu Dhabi International Petroleum Exhibition and Conference.
Coretrax – named great small company winner at this year’s Scottish Offshore Achievement Awards (OAA) – has invested £2million in its CX-IST (inflation support tool) cement placement technology.
The product is said to significantly reduce rig time offshore, generating substantial cost savings.
Coretrax managing director Kenny Murray said: “This is a monumental success for Coretrax and a game-changer for the entire industry.
“The team is passionate about the business and has worked tirelessly for three years, from initial stages, to produce an innovative product which will benefit the oil and gas sector.”
Coretrax currently employs 36 people but this is expected to double in the next nine to 12 months due to increased business activity globally.
Eyeing growth opportunities in the Middle East, the firm has invested £5million in a base in Saudi Arabia and expects to nearly double its nine-strong team there in the coming months.
The company also opened a Dubai office this year and plans to add another new operation in Abu Dhabi early in 2015.
Coretrax was also honoured at the 2012 OAAs for its innovative technology. Since then, CX-IST has undergone extensive field trials in the UK and received good feedback.
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