Mohawk Energy Receives Sizable Investment To Advance International Growth
FOR IMMEDIATE RELEASE
HOUSTON, May 28, 2019 – Mohawk Energy (Mohawk), the expandable tubular well solutions specialist, has received a substantial investment from private equity firm Buckthorn Partners to support its domestic and international growth ambitions.
The Houston-based company provides expandable solutions in pursuit of well integrity, improved well productivity and recovery. Mohawk Energy has recently completed a number of significant long lateral refrac’s and well integrity installations in the US. More recently the company performed installations with a major operator in the North Sea to improve well productivity and performance using its novel wireline-based expandable technology. Established in 2004, the company operates across the US as well as in the North Sea and Middle East.
Under the deal, Mohawk will combine forces with Coretrax, the independent wellbore clean-up and abandonment specialist, which Buckthorn invested in during December 2018.
“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,” said Scott Benzie, CEO of Mohawk Energy.
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.”
About Buckthorn Partners
Buckthorn Partners makes private equity investments in the oil field services sector. Working in partnership with experienced management teams, Buckthorn provides primary capital and strategic direction to help build successful companies both organically and through acquisition.
About Mohawk Energy
With an extensive background in research and development, Mohawk Energy develops, manufactures and installs expandable tubular technology that solves operators’ most critical downhole challenges. At Mohawk Energy, each expandable product is customized for a specific application or challenge. Visit www.mohawkenergy.com for more info.
Coretrax is an independent wellbore clean-up and abandonment specialist. With a strong engineering focus, Coretrax offers a range of solutions and award-winning tools designed to deliver measurable cost and rig time savings. The company, which has an engineering house, workshop and test facility at its headquarters in Aberdeen, has operations in the Middle East and South East Asia, with plans for further international expansion.