ABERDEEN oilfield service company Coretrax Technology yesterday hailed a successful first year in business and said it was now looking to expand sales into the Middle East and Asia-Pacific markets.
Coretrax – based at East Tullos Industrial Estate – said it generated a six-figure turnover in its debut year, but would not be any more precise, however, the firm added that it broke even during the third quarter and had secured contracts with major players in the North Sea.
Coretrax specialises in the design and production of wellbore tools for drilling, completion and workover operations.
It was established in December 2008, with initial investment of about £300,000, some 60% of which was from Clydesdale Bank.
The firm employs three full-time and four part-time staff, but there are plans for a further three full-timers to be recruited during the coming year.
Managing director Kenny Murray said good customer feedback was helping the company to retain existing clients and secure new work. He added: “Sixteen wellbore cleanup operations are already confirmed for 2010 in the UK sector alone, an increase on our original projections.”
Turnover for this year is anticipated to grow beyond £1million as the firm looks to grow business overseas.