Driller cuts jobs

Coretrack has announced it is restructuring its Core Level Recorder System product line, which will result in a reduction of its local workforce.

The drilling technology company explained that it is refocusing on the commercialisation of its CLRS, and potentially selling off the technology in order to reduce the direct costs of its development.

Coretrack declined to say how many workers would be cut, or where, stating that "further planned personnel reductions in November are anticipated".

It went on to say that "the planed local cost saving steps have been designed to preserve the longevity of the Coretrack entity, and will also ensure Coretrack can continue its legal battle against Strange Investments to recover damages for the unlawful termination of its IP Licence".

It was previously forced to sell off its Global Drill subsidiary's assets to pay for its ongoing legal battle against Strange.

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