On 23rd of June 2016, the Welltec team in Nigeria hosted a Roadshow in Lagos with attendance of over 35 guests from Oil & gas companies with various presentations and live tool demonstrations of our well services – Conveyance, Mechanical, Clean-out and Milling solutions on the intervention side and Flex-well solutions on the drilling & completion side.
In the current regime of low oil prices, a lot of operators are looking inwards and to well service providers like Welltec to help challenge the low oil prices and also the market instability, which has led to reductions in capital investments. Welltec’s technology is starting to bridge the gap for these operators, affording them a reliable and world class technology to restore/increase production, while lowering capex requirements.
“Welltec Nigeria roadshow aptly demonstrated our uniqueness, disruptive innovations and clear leadership in intervention and completion solutions” says General manager, Nigeria & Ghana, Adedapo Adeniyi.
And Adedapo Adeniyi continues “One of the clients I spoke to after the roadshow, just could not get over the huge benefits our technology could bring to his operation. He immediately requested that we have a meeting to start looking at and proposing solutions to some of his challenges. Another client said, “it would be a no brainer” not to use our Flex-well solution for their next drilling and completion campaign planned for 2017/18”.
“For over 11 years, Welltec Nigeria has performed successful interventions in Nigeria for IOC’s, NOC’s, medium and marginal oil companies, delivering value and saving them time and cost” ends General Manager Adedapo Adeniyi.
Q1-2016 Interim Report and Investor Conference Call Announcement
Michael Krabbe, CFO,
Cell: +45 30 34 30 00 or
Simon Stadil, Director, Treasury & Investor Relations,
Cell: +45 52 13 89 44
Welltec® will disclose its interim report for Q1-2016 on Thursday, May 26th, 2016 and will discuss the results during an investor conference call at 5 pm CET.
The conference call will be available for bond holders, prospective investors, broker dealers and securities analysts and can be accessed by dialing in a few minutes before the start and informing the operator that you would like to participate in Welltec’s investor conference call.
Relevant dial-in details and conference ID can be obtained by contacting firstname.lastname@example.org and registering for the call.
For further information, please contact:
Michael Krabbe, CFO or
Simon Stadil, Director, Treasury & Investor Relations
Welltec® develops and delivers technology and solutions intended to transform the oil and gas industry. Our game-changing solutions are dedicated to optimizing the management and development of clients’ assets, both in the form of well completion technology and intervention services required to ensure performance and integrity. We operate in all types of onshore and offshore well environments, including the most extreme and hostile, such as deepwater, subsea, extended reach, heavy oil and unconventional gas and oil wells. Our lightweight solutions are based on a vision to improve safety while reducing environmental risks, fuel consumption and carbon footprints.
During the past 18 months Welltec has insourced 90% of its previous externally acquired parts through extensive automation. The result is a significant reduction on production costs, while simultaneously increasing capacity and flexibility, fortifying the supply chain. DIRA, Danish Robot Network, recognizes these results and has nominated Welltec for the 2016 Automation Award.
+45 23 25 09 88
Recently, Welltec has implemented robot automation on 10 out of 25 CNC machining set-ups. A further six CNC centers are scheduled to be automated before August 2016.
As a result, the amount of machining hours per month has increased ~ 400% compared to the previous year.
Jacob Faurskov, Director Manufacturing & Sourcing, says:
“The results have been accomplished through a consistent focus on LEAN, including a particular focus on quality as well as flexibility of the production set-up”.
The ambition of the automation efforts has been to reduce production cost and increase flexibility, enabling Welltec to respond quickly to changing customer demands.
“As the majority of our components are customized for specific operations, it was crucial to prioritize flexibility when choosing the automation concept.”
In fact, 70% of all equipment is produced on demand. This means no six months production schedules and stocks mounting up, but instead a highly agile production set-up designed for fast delivery.
Today, six, Yaskawa Motoman robots drive the production automation and can handle all kinds of CNC machining in series from one to 200 pieces. Should the need arise, Welltec can adapt the entire production schedule in less than an hour.
The winner of the 2016 Robot Automation Award will be announced in September.
It was with great sorrow that we yesterday learned that a colleague from our base in Bergen, Norway, was onboard the helicopter that crashed shortly before landing in Bergen. Our thoughts go to the employee’s family and colleagues.
Upon receiving this information we immediately mobilized our emergency response team and established contact with the employee’s family. Our focus has been, and will continue to be, on providing care and support for the employee’s family and our colleagues in Norway.
We are appreciative of the immediate emergency rescue efforts initiated by the local authorities at the crash site, even if such were in vain. We are also thankful to Statoil for the dedicated, well-coordinated and professional crisis response team that was established very shortly after the crash, and which have been working 24/7 since then to provide care and support to the families of the victims.
We express our sincerest condolences to the families, friends and colleagues of those who lost their lives in in this tragic accident.
On behalf of the Welltec Group
If you have any questions please contact:
Norwegian and worldwide press contact, +47 55 92 63 05
Danish press please contact:
Martin Skovbjerg, Chief Legal Officer, email@example.com, +45 26 33 53 57 or
Kira Johnson, HR Director, firstname.lastname@example.org, +45 52 13 89 90
Withdrawal of Moody’s services related to Welltec A/S and the 2019 Senior Secured Notes
Michael Krabbe, CFO
Welltec A/S (Welltec®) has with immediate effect decided to withdraw and cancel the services from Moody’s Investors Service (Moody’s) in relation to the Welltec B1/Negative corporate family rating and the B1/Negative Senior Secured credit rating related to the 2019 Senior Secured Notes issued by Welltec® in February 2012.
Following the cancellation, Welltec® continues to be rated by Standard & Poor’s Ratings Services.
For further information, please contact:
Michael Krabbe, CFO
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. For the twelve months ended December 31, 2015, Welltec reported revenues of USD 246 million.
On April 14th, the Welltec team in Angola had invited oil and gas professionals to attend a Technology Day, focusing on innovative intervention and completion technology. Taking place in Luanda, and with more than 35 participants, the event included various presentations and live tool demonstrations.
The current low oil price spurs operators to look at innovative and cost-effective intervention and completion methods, increasingly turning to new technology for help.
Michael Ipsen, Acting General Manager at the Welltec base in Angola, says:
“Both new and existing clients are hungry for technology that saves them time and cash. We offer the industry’s best and most reliable intervention tools, all designed with the overall purpose of increasing the client’s production, while reducing his cost”.
The event included a variety of tool introductions, including live demonstrations of conveyance and intervention tools as well as the Flex-Well® completion concept with a specific focus on the Welltec® Annular Barrier (WAB®).
“For 13 years we have performed well interventions for Angola’s biggest operators, and we look forward to continue increasing their production with improved safety and saving them cost and time”, ends Michael Ipsen.
First in Aberdeen, now Houston. The new TorcPlug, a novel, multiset, retrievable barrier run on e-line has just won its second ICoTA intervention award, this time at the SPE/ICoTA Well Intervention & Coiled Tubing Conference and Exhibition in Houston. The prestigious award recognizes technical innovation in well intervention and rewards technology that is deemed to bring significant benefits to the industry.
Global Business Development Manager
Hein Andre Langåker email@example.com
Six months after receiving the Intervention Award from ICoTA’s European chapter in Aberdeen, the TorcPlug received the second SPE ICoTA Intervention award in March in Houston.
Run on e-line, the TorcPlug® excels by minimizing operators’ cost, reducing uncertainty and increasing efficiency.
Its design allows the TorcPlug® to be set multiple times in a single trip without damaging the crucial packer element and with no chance of pre-setting. With a rugged design it incorporates the Torc Method, enabling it to be mechanically set and released with just the right amount of force being transferred to the plug and tubing.
Qualified to V3 and V0/Q1 barrier requirements set by the ISO 14310 standards, the TorcPlug® has been certified by independent 3rd party testing to ensure that it meets the industry’s most challenging environments.
The TorcPlug is developed by E Plug with technical support from Welltec and Statoil.
In late March of 1996, in a field called Gullfaks, offshore Norway, the world’s first successful Well Tractor® job was carried out. Returning from the job, the client and the Welltec crew, consisting of Jørgen Hallundbæk and Jesper Oluf Larsen, spoke excitedly about the results and the enormous potential this technology introduced to the industry.
Fast forward 20 years to a world where Welltec and its brave customers have created a unique market, based upon self-made, disruptive technology to forge a vision and deliver results that the industry did not think possible.
Since 1996, Welltec has conducted more than 36,000 operations around the globe, tractoring ~ 100,000,000 feet and capturing many of the industry’s most prestigious awards while doing so
Passing a milestone like this is cause for celebration, a chance to mark the event and thank all the individuals that have, and continue to contribute, to this journey.
So today let’s celebrate that unique characteristic of Welltec, our people and our customers; to continuously push the boundaries of what is thought possible, to continue the vison that was begun 20 years ago.
Less is more. Capitalizing on two decades of e-line conveyance solutions, Welltec® has developed and run the world’s first 2 ½” OD Well Tractor®. Delivering similar performance as the Well Tractor® 318 but with a reduced diameter, the Well Tractor® 212 has been deployed several times.
The first was into an offshore oil producer where it’s smaller OD helped to improve the accuracy of a production logging tool (PLT) by minimizing flow interference from the tool body. In another well it was successfully deployed for conveyance of mechanical solutions in opening a sliding sleeve. Smaller tools, same performance. What else would you expect from the world’s leader in well tractor solutions?
On March 1-2, representatives from some of Germany’s biggest oil operators attended a Welltec and Multiline technology event. Taking place in Diepholz, Niedersachsen, and with more than 60 participants from the German oil and gas industry, the event included various presentations and live tool demonstrations.
Current low global oil prices have forced the industry to look at smarter, more collaborative approaches to reduce costs in the industry. Recently, Welltec has combined forces with the German e-line provider, Multiline, aiming to deliver unique e-line technologies to operators and other oil and gas companies in the German market.
Among other items, the two day event included a variety of tools, including live demonstrations of the Well Cutter, which eliminates the use of explosives, and the Well Cleaner PST which, using high-rate fluid circulation, agitates the debris and captures it in bailers within the tool.
Additionally, the participants got to see and understand static tool displays as well as enjoy various presentations on e-line technology and completion solutions – all designed for reducing cost and time, while increasing recovery.