Aberdeen-based oilfield service company Coretrax Technology has announced a successful first year having generated a six figure turnover.
Coretrax specialises in the design and production of innovative and reliable wellbore tools for drilling, completion and workover operations.
The company was established in December 2008 with initial investment of approximately £300,000, 60% of which was from the Clydesdale Bank. The young technology firm broke even in its third quarter.
Coretrax currently employs three full-time and four part-time staff - three new full-time positions are expected for the coming year.
Kenny Murray managing director of Coretrax said, "We have a 100% successful run history across all tools with excellent client feedback allowing us to retain existing clients and secure new work. 16 wellbore cleanup operations are already confirmed for 2010 in the UK sector alone, an increase on our original projections."
The company has secured contracts with major players in the North Sea and is looking to expand its product line in the Middle East and Asia Pacific. Turnover for 2010 is anticipated to grow beyond £1million.
"The dramatic changes in the drilling sector have made the past year incredibly challenging for a new business such as ourselves. And although we are a performance driven company, our highest priorities are accident prevention, the health of our employees and protection of the environment," Murray added.
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