BG India Awards Welltec Direct Contract for the Provision of Well Tractor and Intervention Services, Offshore India

Welltec India is pleased to announce that it has been awarded a contract for the provision of Well Tractor, mechanical intervention services along with associated e-line services by BG India. This landmark award for Welltec in India covers a scope where the contract value is estimated to be in excess of $20M (USD) over a 3 year period.

Welltec will provide their proprietary, e-line based technologies such as Well Tractor, Well Stroker, Well Key and Well Cleaner in order to perform, remediate and improve production operations without the need for a rig or coiled tubing unit based operation.

Welltec is the largest provider of tractor technology for conveyance solutions as well as the foremost e-line based provider of milling, cleaning and mechanical solutions which have been successfully developed and applied by Welltec over the last two decades.


Q3-2012 Report and Investor Conference Call and home member state announcement

Welltec will disclose its interim quarterly financial report for Q3-2012 on Wednesday 21 November 2012 and will discuss the results during an investor conference call.

The investor conference call will take place on Wednesday 21 November 2012 at 5 pm CET.

An accompanying slide presentation will be available on the “Investor” section of Welltec’s website at www.welltec.com under the subheading “Download Centre” before the teleconference.

The conference call can be accessed by dialing in a few minutes before the 5 pm CET start and telling the operator that you are dialing in for Welltec’s investor conference call, conference ID 70686652.

Conference Call Access Numbers:
Denmark: +45-3272-8018
United Kingdom: +44-8445-718-957
USA: +1-866-682-8490

For further information, please contact:
Jesper Helmuth Larsen, CFO, Cell: +45 2329 2600

About Welltec
Welltec is a leading provider of well intervention services to the oil and gas industry using robotic technology. We are also expanding into well completion products and solutions. Our services and solutions enhance well production performance and increase the amount of recoverable oil and gas reserves in reservoirs. We provide our services and solutions for onshore and offshore oil and gas wells and operate in deepwater, subsea, Arctic, high-yield, heavy oil, geothermal and unconventional environments as well as conventional environments. We operate in all hydrocarbon producing areas and had, as of December 31, 2011, 793 dedicated employees in 24 countries. For the twelve months ended December 31, 2011, we had revenues and EBITDA of approximately DKK 1,220 million and DKK 593 million, respectively (or approximately US$ 212 million and US$ 103 million, respectively).

Important Notices
This press release contains forward-looking statements. These statements reflect current beliefs, as well as assumptions made by, and information available to, Welltec. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual future results and developments could differ materially from those set forth in these statements due to various factors.


Well Cutter Assists Removal of Packer

Welltec’s latest cutting edge technology continues to prove itself through successful applications. This time, offshore in Russia the Well Cutter was used to cut a Super 13Cr mandrel of a 9 5/8” x 4 1/2” packer so that this intelligent completion could be retrieved.
Mandrel Cut
The operation went flawlessly – yet again – and the Well Cutter was able to produce a perfect cut at 44.50° inclination in about four hours. After the Well Cutter was pulled out of hole, the client was able to pick up on the tubing hanger and observe that the 9 5/8” packer was free.

Client quote
“Excellent performance and a perfect cut in the packer mandrel target area, spot on. This was our objective and the main reason we use the Well Cutter whenever possible to cut mandrels or tubing. The Well Cutter cuts an excellent shaped fishing neck, eliminating extra BHA dressing trips on stubs and leaves a clear gauge path if re-access into the tubing bore is needed.” said Bernard Renker, Snr. Completions & Well Interventions Engineer Piltun, Sakhalin Energy.

Piltun CWI have been continuously pleased with Welltec’s services and solutions in 2012 and based on this recent success, they are looking to increase the portfolio of services Welltec can perform for them in the future.

Please click here to read more about this operation.


Excellent Conveyance Solutions in the UK North Sea

In this industry you need confidence where it matters, at the well site. When a client demanded production logging (PLT) data from a challenging well located in the UK portion of the North Sea, the incumbent service provider was unable to tractor to the required depth. Welltec had also been mobilized as a contingency, but quickly rigged up and performed the job flawlessly.

Despite challenging well conditions the Well Tractor’s performance was outstanding. It reached speeds in excess of 5,400 feet/hr and performed all the required PLT passes with excellent results while going approximately 40% faster than the pre-job planning of the previous provider.

Success promotes opportunity and based on these results, the Well Tractor was chosen by this operator as the primary conveyance solution for the next well in the campaign. This job involved conveying a PLT using a tandem Well Tractor configuration to negotiate a Y-tool installed in the completion. Again, Welltec’s technology performed excellently and logging was completed from 7,404 ft to 10,940 ft, accomplishing the objectives.


World’s First Hydrate Milling from RLWI Vessel

Building on an innovative reputation, Welltec has performed another unique, world’s first operation; milling and removal of a hydrate plug using wireline in open water (Riserless) off a Light Well Intervention vessel (RLWI).

In offshore UK, during start-up of an injection well, it was impossible to begin injection.

When the primary solution was not able to achieve any visible results after three days of attempts, Welltec rigged up a solution to be carried out from a RLWI vessel. The Well Tractor and Well Cleaner RCB successfully removed 173 ft (53 m) of hydrates from the well in less than 20 hours of actual milling time. At that time a well path had been established down to 1,997 ft (608 m) of depth, which enabled the client to re-establish functionality to the downhole safety valve.

This was the world’s first milling of hydrate on e-line, proving yet another application of Welltec’s unique milling and cleaning solutions. This capability has widespread application for operators around the world as a remedial approach for this complex problem.

Please click here to read more about this operation.


Rigless SSSV Profile Cleaning with Well Flowing

Given the option to enact a repair on a malfunctioning SSSV without replacing the completion or shutting in production, one of our clients in Mexico chose to do just that.

The operation took place in September 2012 in the southeast portion of the Gulf of Mexico. The operator was experiencing a malfunctioning SSSV on an oil producer. It was anticipated that debris had accumulated over the profile of the SSSV, preventing it from fully closing.

After careful job planning with the client, Welltec mobilized a Well Tractor and Well Cleaner WBH to remove the debris that had settled in the top area of the flow tube.

The entire inner profile of the SSSV was cleaned after one hour of cleaning time while the well was still flowing at 2,100 BOPD. Upon the successful cleaning operation, the SSSV was tested three times and proved to open and close normally.

For more information about this breakthrough job please contact General Manager, Mexico, Jose G. Carillo. You can also read more about the job by clicking here.


Welltec Expands Hi Tech Manufacturing Capabilities

To further support the strong, continued demand for Welltec’s services globally, Welltec is pleased to announce expansion of its manufacturing capabilities at the company’s headquarters near Copenhagen, Denmark.

This week saw the order of state-of-the-art, world class, OKUMA machine centers to complement our existing fleet. Through this increased capacity and the planned, additional manpower, Welltec will expand its fleet significantly to meet growing client demand for our robotic, well intervention tools and solutions.


Q2-2012 Report and Investor Conference Call and home member state announcement

Welltec will disclose its interim quarterly financial report for Q2-2012 on Thursday 23 August 2012 and will discuss the results during an investor conference call.

The investor conference call will take place on Thursday 23 August 2012 at 5 pm CET.

An accompanying slide presentation will be available on the “Investor” section of Welltec’s website at www.welltec.com under the subheading “Download Centre” before the teleconference.

The conference call can be accessed by dialing in a few minutes before the 5 pm CET start and telling the operator that you are dialing in for Welltec’s investor conference call, conference ID 22065564.

Conference Call Access Numbers:
Denmark: +45-3272-7625, toll free +45-8088-8464
United Kingdom: +44-8444-933-800, toll free +44-8006-940-257
USA: +1-631-510-7498, toll free +1-866-966-9439

Pursuant to the Rules and Regulations of the Luxembourg Stock Exchange (edition 2009/08), section 903 and section 904(vi) it is noted that Welltec has paid interest on the bonds per 1 August 2012.

For further information, please contact:
Jesper Helmuth Larsen, CFO, Cell: +45 2329 2600

About Welltec
Welltec is a leading provider of well intervention services to the oil and gas industry using robotic technology. We are also expanding into well completion products and solutions. Our services and solutions enhance well production performance and increase the amount of recoverable oil and gas reserves in reservoirs. We provide our services and solutions for onshore and offshore oil and gas wells and operate in deepwater, subsea, Arctic, high-yield, heavy oil, geothermal and unconventional environments as well as conventional environments. We operate in all hydrocarbon producing areas and had, as of December 31, 2011, 793 dedicated employees in 24 countries. For the twelve months ended December 31, 2011, we had revenues and EBITDA of approximately DKK 1,220 million and DKK 593 million, respectively (or approximately US$ 212 million and US$ 103 million, respectively).

Important Notices
This press release contains forward-looking statements. These statements reflect current beliefs, as well as assumptions made by, and information available to, Welltec. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual future results and developments could differ materially from those set forth in these statements due to various factors.


E-line Milling of Stubborn Frac Sleeve Avoids Rig Work Over

Responsiveness and ingenuity were key elements when Welltec was asked to assist with removing a protective frac sleeve which had been stuck in a subsurface safety valve for 22 years.

Attempts made with conventional methods including slick line, coiled tubing and even pulling 110k lbs with a rig were all unsuccessful. Nevertheless, the well was kept on production until a tubing leak was detected below the sleeve and the well labeled as inoperable until the sleeve could be removed and the tubing patched.

Because of the depth control required for the re-entry, coiled tubing was ruled out. The operator’s options were reduced to either a work-over rig to remove and replace the entire string or an innovative, last attempt to remove the sleeve on e-line. Welltec’s e-line milling technology was preferred by the client as a cost-efficient alternative to the costly rig work over.

Welltec worked closely with the client to find the best possible solution. The answer was a 3.9” (98 mm) MMC core drill bit with a centralizer fitted on the Well Miller. At the well site, the sleeve was tagged at 2,081 ft (634 m) and after four and a half hours, the sleeve was milled out. Shortly after, it was pushed to the bottom of the well and retrieved with slickline.

Welltec’s e-line solution resulted in significant (~ 96%) cost savings including about six days of time savings compared to a rig work over. The client consistently considers Welltec’s solutions when planning their interventions and once again, they have reaped the rewards.

Click here to read more about this unique milling operation or contact Jeremy Albright, Account Manager Alaska at: JAlbright@welltec.com


Welltec Nigeria Receives Safety Award from ExxonMobil

Our strong commitment to safety has been recognized by ExxonMobil with the “Catch of The Week” award given to Welltec in Nigeria July 2012. This award reflects our focus as a company to be safe and keep others safe in every situation we encounter.

During an operation at the Percy Johns installation offshore Nigeria, Welltec observed an unsafe action that could have resulted in personal injury to another person and reacted promptly to prevent it.

Active participation in internal and external safety programs is the responsibility of every Welltec employee and demonstrates our motivation and dedication to our core values. As a company, we believe that prevention is better than correction and work according to that principle every day.