Welltec® awarded as the best exhibitor at NAICE

On August 2-4, Welltec® participated at the SPE NAICE in Lagos and was awarded Best Exhibitor in our category.

The conference theme at this year on Nigeria Annual International Conference & Exhibition (NAICE) was: “Transparency in the Oil and Gas Business: An Imperative for Energy Security and Stability”.

Welltec® was proud to sponsor the Marginal Field Workshop and shares how our technologies are assisting our clients to challenge the low oil price and maximize recoveries from their fields.

We presented two paper SPE-184262, A case history on the application of the WAB® in West Africa and SPE 184337, Efficient Installation of a Modular Straddle System for Deep Water Gas or Water Shut Offs. We showcased our safe and cost effective solutions including the award winning Welltec ® Annual Barrier (WAB®) and the Well Cutter® at our booth on the exhibition floor.


Welltec® at the Olympics

Welltec® will be attending the Olympics 2016 in the Danish pavilion. If you are attending the Olympics in Rio come and meet us. We will be in the Danish pavilion on Monday 15 August. From 11am to 10pm.

Learn more about our safe and cost effective solutions as well as our solutions for geothermal wells for an inexhaustible energy supply at minimum capital expenditure.

Read more about the Danish Pavillion: Visit Denmark


Welltec announces payment of interest

31 July 2016
Company announcement no. 7/2016

Welltec announces payment of interest

CONTACT

Michael Krabbe, CFO
+(45)-3034-3000

Pursuant to the Rules and Regulations of the Luxembourg Stock Exchange (edition 2012/07), section 903 and section 904(vi) it is noted that Welltec A/S has paid interest on the bonds per 31 July 2016.

For further information, please contact:
Michael Krabbe, CFO

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 in 2015 and average of 894 dedicated employees across 29 countries. For the twelve months ended December 31, 2015, we had revenues and EBITDA of approximately USD 246 million and USD 96 million, respectively.


Withdrawal of Securities from the Luxembourg Stock Exchange, Euro MTF market

19 July 2016
Company announcement no. 6/2016

Withdrawal of Securities from the Luxembourg Stock Exchange, Euro MTF market

CONTACT

Martin Skovbjerg, CLO
+ (45)- 2633-5357

Michael Krabbe, CFO
+(45)-3034-3000

The Board of Directors of Welltec® has decided to commence on the withdrawal of the securities ISIN US950399AA37 & USK9897UAA62 (the “Securities”) from listing at the Luxembourg Stock Exchange, Euro MTF market, given the Securities predominantly are traded over the counter “OTC” via international banks, where liquidity and pricing quotes are available.

The withdrawal will become effective on October 20th 2016, three months following the date of this company announcement, after which the Securities will no longer be eligible for trading on the Euro MTF market. Furthermore, upon the withdrawal becoming effective Welltec® will no longer publish company announcements via the Luxembourg Stock Exchange nor adhere to the reporting requirements governing listed securities.

Finally, Welltec® has consulted Citibank in their capacity as Trustee in order to ensure the request for withdrawal remains in full compliance with prevailing loan documentation, and governing market standards.

For further information, please contact:
Martin Skovbjerg, CLO
Michael Krabbe, CFO

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 in 2015 and average of 894 dedicated employees across 29 countries. For the twelve months ended December 31, 2015, we had revenues and EBITDA of approximately USD 246 million and USD 96 million, respectively.


Visitors came to see disruptive innovations within well service

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.

CONTACT

General Manager, Nigeria & Ghana
Adedapo Adeniyi
dadeniyi@welltec.com

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.

Read more about our solutions


Q1-2016 Interim Report and Investor Conference Call Announcement

19 May 2016
Company announcement no. 5/2016

Q1-2016 Interim Report and Investor Conference Call Announcement

CONTACT

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 bkjelmann@welltec.com and registering for the call.

Finally, the Interim report will be made available on the “Investor” section of Welltec’s website at http://www.welltec.com/investors/download-center/

.

For further information, please contact:
Michael Krabbe, CFO or
Simon Stadil, Director, Treasury & Investor Relations

Company Profile
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.


Nomination: Increasing capacity and flexibility through automation

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.

CONTACT

Jacob Faurskov
jfaurskov@welltec.com
+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.


Helicopter Accident in Norway

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.

Jørgen Hallundbæk
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, mskovbjerg@welltec.com, +45 26 33 53 57 or
Kira Johnson, HR Director, kbjohnson@welltec.com, +45 52 13 89 90


Withdrawal of Moody’s credit ratings

26 April 2016
Company announcement no. 4/2016

Withdrawal of Moody’s services related to Welltec A/S and the 2019 Senior Secured Notes

CONTACT

Michael Krabbe, CFO
+(45)-3034-3000

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

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. For the twelve months ended December 31, 2015, Welltec reported revenues of USD 246 million.


Angolan operators on the lookout for intervention solutions

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.

CONTACT

Acting General Manager, Angola
Michael Ipsen
mipsen@welltec.com

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.

Read more about our solutions