Aberdeen-based Coretrax, a wellbore clean-up and abandonment specialist has merged with Mohawk Energy, an expandable tubular well solutions specialist.
Houston-based Mohawk Energy has received a substantial investment from private equity firm Buckthorn Partners to support its domestic and international growth ambitions.
Buckthorn invested in Coretrax in December 2018.
Scott Benzie, CEO of Mohawk Energy said “The investment from Buckthorn allows Mohawk to build its global footprint. The combination with Coretrax complements the products we provide today. 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.”
Kenny Murray, CEO of Coretrax said: “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. ”
Commenting on the investment, Nicholas Gee of Buckthorn Partners said, “Both Mohawk and Coretrax have a clear commitment to high quality, reliable and tailored client solutions based on differentiated technology and excellent customer service. We are looking forward to working with them in further developing an international well construction and intervention business both through organic growth and M&A.”