Annual Report 2015

The Board of Directors of Welltec International ApS (Welltec®) has today approved the Annual Report for 2015.

Key highlights
2015 was a challenging year for Welltec® as the industry downturn affected both activity and revenues amid falling oil prices and deteriorating sector fundamentals.

As a result of the challenging market conditions and continued curency headwinds arising from the USD appreciation, revenues and the EBITDA-margin were reduced to USD 246 million and 39% compared to USD 345 million and 45% in 2014.

The full year result was in line with the full year guidance as the proactive implementation of multiple cost reduction initiatives and the decision to align capacity with demand paved the way for a resilient margin performance throug out the year.

Despite the overall reduction in activity, select regions did experience stable, and in some cases, increased activity underlining the inherent strength of our value proposition and continued focus on meeting client objectives.

CONTACT

Michael Krabbe, Chief Financial Officer,
mobile: +45 30 34 30 00
Simon Stadil, Director, Treasury and Investor Relations,
mobile: +45 52 13 89 44

Outlook
As a result of the volatile market back drop and the challenging industry environment, Welltec® is not able to offer qualified guidance for the full year 2016.

However, Welltec® will continue to evaluate forward looking reference points and commence on outlook guidance once visibility has improved.

Jørgen Hallundbæk, CEO: “2015 proved to be a challenging year for both Welltec® and the broader industry. Like the rest of the industry, Welltec® had to adapt by adjusting our global organization and delivery infrastructure in order to protect our margins and cash flow.

However, 2015 was also a year where our value proposition and industry leading offering proved its relevance as operators had to rethink their operational mindset in order to build sustainable businesses even at the low oil prices recorded.

Intervening for barrels and “doing more with less” by embracing new technology were the overriding themes, and that’s where Welltec® has a role to play as we continue to pioneer new and disruptive technology that allows our clients to extract oil cheaper, faster and in a more sustainable way.”

Investor conference call

Welltec® discuss its results during an investor conference call today at 5 pm CET. An accompanying slide presentation is available on the “Investors” section of www.welltec.com under the subheading “Download Center”. The conference call can be accessed by dialing in a few minutes before the 5 pm CET start and informing the operator that you are dialing in for Welltec’s investor conference call, ID 4739700.

Conference Call Access Numbers:
Denmark: +45 32 71 16 58
UK: +44(0)20 3427 1904
US: +1212 444 0412
The call will be webcast simultaneously and available online following today’s live transmission.

Company Profile

Welltec® is a leading provider of intervention and completion solutions to the oil and gas industry. Our pioneering technology challenges conventions to increase recovery in a safer and more sustainable way, enabling operators to optimize the management and development of their assets throughout the life cycle.

We address the factors that maximize value creation, disruptively innovating to increase reservoir contact over an extended life cycle, in a fraction of the time, energy and logistical effort of the conventional alternatives. The effect is one of increased net present value through higher returns and reduced risks. Our Flex-Well® approach serves to maximize production and increase total recovery while lowering operational and total development costs. Our game-changing solutions extend the productive life of wells and enable clients to pursue fields that would not otherwise be economically viable.

Our unique approach provides for safer operations, removing considerable infrastructure costs and operational effort. Our lightweight technology lowers the complexity and hazard potential of operations, reducing the risk to personnel and allowing smaller work crews, fewer lifts and lighter loads. We reduce dependency on rigs, significantly reducing the industry’s energy consumption and carbon emissions. The ability to operate in extended reach and horizontal wells allows operators to drill multiple wells from the same topside location, thereby further reducing the environmental footprint.

Our technology created the market for robotic well intervention and continued market leadership is the result of constant innovation, rigorous IP protection and a commitment to completely addressing our clients’ challenges. Our completion concept represents the next paradigm shift for the industry, with a simple yet revolutionary approach that allows operators to tap into the full value of their reservoirs at a much lower level of invested capital and with an unprecedented degree of flexibility. The simple application of expandable metallic well annual barriers (WAB®) overcomes the traditional shortfalls of cementing to enable a lower completion as minimal or intricate as the reservoir characterization itself. Fields can be developed and maintained from fewer topside locations and brought on line faster, for longer.

In an industry characterized by maturing fields and increasing depletion, the premium attached to technology which aids in reversing these trends will continue to gain momentum. Our technology safeguards people and returns on investment, enabling clients to unlock more value from their assets and to address reservoir complexities and uncertainties with a greater number of options.

Important Notices
Any statement in this announcement that is not a historical fact is a “forward-looking statement”. Such statements may include opinions and expectations regarding Welltec® and its future business, management’s confidence and strategies as well as details of management’s expectations of new and existing programs, technology and market conditions. These forward-looking statements rely on assumptions concerning future events that are subject to a number of risks and uncertainties, many of which are outside Welltec’s control, and which could cause Welltec’s actual results to be materially different from these forward-looking statements. While Welltec® believes that its assumptions concerning future events are reasonable; there are inherent difficulties in predicting certain important factors that could impact the future performance or results of Welltec’s business. Accordingly, such statements should not be regarded as representations as to whether such anticipated events will occur nor that expected objectives will be achieved. Welltec® expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise.


Total E&P Congo Purchases Welltec® Annular Barrier (WAB®)

COPENHAGEN, Denmark – We are pleased to announce that our award winning Welltec® Annular Barrier (WAB®) has been selected by Total E & P Congo as a completion component for the upcoming wells in their deepwater, Moho Nord project.

CONTACT

Gbenga Onadeko
gonadeko@welltec.com
+1 281 371 1206

Sufficient quantities of WAB’s were purchased to achieve multiple barriers per well during the drilling and completion of the 17 wells planned for development of the Moho Nord field. The wells will be completed in water depths of 450 to 1200 meters producing from the Albian reservoir via a tension leg platform.

“The Moho Nord project is the biggest oil project to date in the Republic of Congo. Total E & P Congo are determined to deliver this project efficiently while assuring integrity of the wells for their full life. Welltec has supported our operations in Congo for years with their technologies and methodologies for well interventions,” states Philippe Labrugère, the Project’s Drilling Manager.

“So when Welltec introduced the WAB® to us, we immediately identified the advantages it could offer to improve efficiency, assure integrity and successfully deliver such a complex project.”

The Welltec® Annular Barrier (WAB®) is an expandable, metal barrier which can we used for well integrity, zonal isolation or cement assurance applications. It won the OTC Spotlight on New Technology in 2015 as one of the latest, most advanced technologies that are leading the industry into the future.

In addition to being rugged, it is full bore, expands on command with surface control, can be rotated during installation in high angle wells and has high expansion and Delta P capabilities.

“This is a milestone award,” explains ‘Gbenga Onadeko, Senior Vice President, Africa.

“Our clients in the region have previously used Welltec® Completions products to address drilling and production challenges but this is our biggest single award so far. We are excited to secure this significant order on the biggest, highest profile oil project in Congo. It is an opportunity to introduce and demonstrate to Total E & P the advantages which the WAB® can provide, setting up future completions successes around the globe for their organization.”

To read more about the WAB® or Welltec’s innovative Flex-Well® completion approach, download the new 2016 completion brochure at our Completion Solutions page


2015 Annual Report and Investor Conference Call announcement

February 17, 2016
Company announcement no. 2/2016

Welltec® will disclose its annual report for 2015 on Thursday, February 25, 2016 and will discuss the results during an investor conference call at 5pm CET.

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

The conference call 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, conference ID 4739700.

The conference call will also be webcast simultaneously on a listen-only basis. Please log in via the “Investor” section of the website in due time to test your browser. A replay of the webcast will then be available following the transmission.

Conference Call Access Numbers:
Denmark:  +45 32 71 16 58
United Kingdom:  +44(0)20 3427 1904
USA:  +1212 444 0412

For further information, please contact:
Michael Krabbe
CFO
Cell:  +45 3034 3000

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.


The Flex-Well® approach

In our new, 2016 Welltec® Completion Solutions brochure you can explore applications to unlock new completion designs which are optimal for your budget and reservoir.

CONTACT

VP Marketing
Brian Sidle
bsidle@welltec.com

The Flex-Well® completion approach allows you to fast track and build wells which produce more, drain larger areas and won’t require interventions for years to come. The higher production and drainage per well enables you to reduce the overall number of platforms or land locations required, significantly reducing your overall CAPEX.

This brochure details product specifications as well as provides the latest case stories from various well environments and locations across the world. Our clients have benefitted from this unique technology to accomplish zonal isolation, cement assurance and even cementless, standalone primary barriers in environments where it was previously impossible.

At the heart of the Flex-Well® completion is the Welltec® Annular Barrier, a rugged, large expansion ratio, expandable metal barrier that can be used for a wide variety of applications including zonal isolation, cement assurance and sustained casing pressure protection.

Qualified up to ISO14310 V0 leak criteria and manufactured in accordance with ISO9001 the WAB® is designed to deliver outstanding performance across a wide range of operating conditions.

 

Value throughout the life of the well

Exploration

Mitigate the uncertainties due to reservoir characterization

Development

Reduce overall CAPEX and fast track production while drilling and completing wells faster and safer

Primary production

Harness higher initial production rates, generating better return on invested capital

Secondary production

Optimize production over the life of the well for maximum recovery

Abandonment

Cost effective approach built in from the start

The Flex-Well® can provides all these benefits while simultaneously offering an approach that results in fewer people required, less complex operations and smaller amounts of equipment deployed for shorter amounts of time.

Welltec®, celebrating 20 years of delivering game-changing solutions.


Welltec Announces Payment of Interest

31 January 2016
Company announcement no. 1/2016

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 January 2016.

CONTACT

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

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 2014 and average of 1,013 dedicated employees across 29 countries. For the twelve months ended December 31, 2014, we had revenues and EBITDA of approximately USD 345 million and USD 155 million, respectively.


Danish Minister explores Welltec® Transformation Center

Yesterday, January 18th, Minister for Energy, Utilities and Climate, Lars Christian Lilleholt, visited the Welltec® production facilities in Esbjerg and met with our founder and CEO, Jørgen Hallundbæk. Among other themes related to the oil and gas sector, the primary subject was the export of energy technology and the growth that the oil and gas industry, including Welltec®, can bring to society.

CONTACT

Director, Global Technical Sales Support
Kim Johnsen
kjohnsen@welltec.com

Welltec® employs a broad, diverse range of people around the globe, from highly educated experts to those performing general labor. But a common element throughout is supporting the development and manufacturing of energy technology for the oil and gas industry.

As such, the potential of growth and development leading to new jobs was discussed as well as the positive spill-over effects to other industries.

For example, it was highlighted how the high level of HSEQ (Health, Safety, Environment, Quality) being an integral part of the oil and gas sector, has influence to other industries such as the wind.

During the visit, Welltec® representatives emphasized that field trials of new technologies are pivotal to effectively launch new solutions for a global export market.

“Conditions that support such field trials in the Danish portions of the North Sea can help maintain and increase the level of export activity,” said Jørgen Hallundbæk.


Welltec Argentina – New Base, Bright Future

Earlier in Q4 Welltec opened its first base in Argentina to service customers exploring and developing unconventional shales. On December 20th, Welltec successfully performed its first job there, conveying tools in a long horizontal section and allowing the operator to initiate production from the well. Two additional jobs are planned to be carried out early in 2016.

CONTACT

Ricardo Quintero
VP Business Development, Americas
rquintero@welltec.com

The new base and office is located in Buenos Aires and will primarily serve clients operating in the Vaca Muerta Formation in the Neuquén Basin.

Located in west-central Argentina and covering a vast area of 137,000 km2, the Neuquén basin has been producing for more than 100 years. However, in recent years operators have begun increasing investments in developing the Vaca Muerta oil and gas field, exploring for unconventional reserves.

The basin is estimated to hold significant potential, a shale bounty that potentially can transform the outlook for the Western Hemisphere, resulting in support of the provincial governments through the generation of infrastructure, jobs and revenues.

“This is a very interesting and developing area, where operators will be present for the next decades,” says Ricardo Quintero, VP Business Development. “Of course, Welltec will be there to assist the operators performing well interventions on electric line.”

With a good pipeline of jobs already lined up, Ricardo Quintero expects activity to increase significantly over the coming months. “We are off to a great start here in Argentina and the jobs keep coming in. We really look forward to serving our clients and doing what we do best; helping reduce cost while increasing their production and recovery.”


Interim Report Q3 – 2015

In the third quarter of 2015, Welltec® revenues declined to USD 57 million. The development reflects the prolonged industry downturn as operators continue to adjust their operations in response to the low oil price environment and continued global oversupply of oil, but also currency headwinds arising from the USD appreciation compared to the same period last year.

EBITDA reduced accordingly to USD 22 million with an EBITDAmargin of 39% underpinned by further cost reduction initiatives completed during the third quarter. Furthermore, increased focus on automation and in-sourcing within manufacturing and engineering continue to generate significant cost savings and improve the internal supply chain and global delivery infrastructure.

Net cash flow was lower than previous quarters due to lower operating cash flow and the semi-annual interest payment in July, partly offset by lower capex.

CONTACT

Michael Krabbe, Chief Financial Officer,
Cell: +45 3034 3000
Simon Stadil, Director, Treasury and Investor Relations
Cell: +45 5213 8944

Outlook

As industry fundamentals continued to deteriorate in the third quarter, Welltec® is revisiting the full year revenue guidance to USD 240-245 million and a full year EBITDA-margin around 39%.

Jørgen Hallundbæk, CEO: “The third quarter was yet another difficult quarter as the industry was impacted by volatile oil prices, low rig counts, reduced budget etc. Furthermore, it’s evident that operators are struggling to generate cash flow at current oil price levels due to historical capex commitments, changing activity levels and restrictive dividend policies.

Putting things in perspective, even if the underlying oil price fundamentals would improve near term, current expectations are not that of an immediate recovery. Thus consensus is clear; production optimization of existing assets is the cheapest and fastest way to improving cash flows and returns in a low oil price environment, and ultimately building sustainable businesses.

This is what Welltec is all about!”

Investor conference call
Welltec® will discuss its results during an investor conference call today at 5 pm CET. An accompanying slide presentation is available on the “Investor” section of Welltec’s website at www.welltec.com under the subheading “Download Center”. The conference call can be accessed by dialing in a few minutes before the 5 pm CET start and informing the operator that you are dialing in for Welltec’s investor conference call, ID 7081740.

Conference Call Access Numbers:
Denmark: +45 3271 1658
UK: +44 (0)20 3427 1918
US: +1 212 444 0481

The call will be webcast simultaneously and available online following today’s live transmission.

Company Profile

Welltec® is a leading provider of intervention and completion solutions to the oil and gas industry. Our pioneering technology challenges conventions to increase recovery in a safer and more sustainable way, enabling operators to optimize the management and development of their assets throughout the life cycle.

We address the factors that maximize value creation, disruptively innovating to increase reservoir contact over an extended life cycle, in a fraction of the time, energy and logistical effort of the conventional alternatives. The effect is one of increased net present value through higher returns and reduced risks. Our Flex-Well® approach serves to maximize production and increase total recovery while lowering operational and total development costs. Our game-changing solutions extend the productive life of wells and enable clients to pursue fields that would not otherwise be economically viable.

Our unique approach provides for safer operations, removing considerable infrastructure costs and operational effort. Our lightweight technology lowers the complexity and hazard potential of operations, reducing the risk to personnel and allowing smaller work crews, fewer lifts and lighter loads. We reduce dependency on rigs, significantly reducing the industry’s energy consumption and carbon emissions. The ability to operate in extended reach and horizontal wells allows operators to drill multiple wells from the same topside location, thereby further reducing the environmental footprint.

Our technology created the market for robotic well intervention and continued market leadership is the result of constant innovation, rigorous IP protection and a commitment to completely addressing our clients’ challenges. Our completion concept represents the next paradigm shift for the industry, with a simple yet revolutionary approach that allows operators to tap into the full value of their reservoirs at a much lower level of invested capital and with an unprecedented degree of flexibility. As an example, the simple application of expandable metallic well annual barriers (WAB®) overcomes the traditional shortfalls of cementing to enable a lower completion as minimal or intricate as the reservoir characterization itself. Fields can be developed and maintained from fewer topside locations and brought on line faster, for longer.

In an industry characterized by maturing fields and increasing depletion, the premium attached to technology which aids in reversing these trends will continue to gain momentum. Our technology safeguards people and returns on investment, enabling clients to unlock more value from their assets and to address reservoir complexities and uncertainties with a greater number of options.

Important Notices

Any statement in this announcement that is not a historical fact is a “forward-looking statement”. Such statements may include opinions and expectations regarding Welltec® and its future business, management’s confidence and strategies as well as details of management’s expectations of new and existing programs, technology and market conditions. These forward-looking statements rely on assumptions concerning future events that are subject to a number of risks and uncertainties, many of which are outside Welltec’s control, and which could cause Welltec’s actual results to be materially different from these forward-looking statements. While Welltec® believes that its assumptions concerning future events are reasonable; there are inherent difficulties in predicting certain important factors that could impact the future performance or results of Welltec’s business. Accordingly, such statements should not be regarded as representations as to whether such anticipated events will occur nor that expected objectives will be achieved. Welltec® expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise.


Zonal isolation: In any well, in any type of reservoir

The WAB® is designed to address a number of the industry’s biggest challenges. Besides being a primary barrier, as discussed in the first part of the interview, the WAB also allows operators to establish zonal isolation with inflow control, as it facilitates cement assurance. Johnny Bårdsen, a specialist in completion technology, explains how operators can benefit from this latest innovation within completion technology and gain significant time-savings and increased production.

The WAB serves several purposes. What can operators gain by applying WAB’s for zonal isolation?

It’s in the word. Operators can gain reliable zonal isolation that will be engineered to the whole solution. It’s simply about splitting the reservoir into compartments. And this can be done with very high ΔP capability that allows you to accommodate a wide range of fluid types, which other products cannot.

For example, if you plan to perform an acid stimulation job, you will need to be able to handle the high ΔPassociated with the high pressure injection down the annulus as well as the exposure to the acid itself. The developed solution would then be engineered for the injection phase, but also, it needs to be capable of functioning for the life of the well during the operational phase.

This means maintaining the zonal isolation, as well as the compartmentalization, when the pressure of the reservoir is now higher than that in the annulus. The WAB’s can deliver this solution. This now gives the operator access to a much larger footprint of a well’s reservoir exposure when drilling and completing a well.

In addition, completing a well by setting WAB’s and WFV’s (well flow valves) in the open hole provides tremendous time savings versus a double skin completion or a single skin with cement and perforations.

 

Today’s wells need zonal isolation

We will get back to the topic of inflow control in a second. But first, can zonal isolation be established in any well or are there limitations?

In general, you can establish zonal isolation in any well and in any different kind of reservoir. And a lot of the world is now going for the so-called ‘hard oil’, where you more or less need zonal isolation on every single well.

The effectiveness of the solution will depend on the homogeneity of the reservoir though. With high homogeneity of the reservoir you typically have the same pore pressure, production porosity and permeability across the reservoir. In such cases, you can support and guide the production flow to a very great extent. Also, you can potentially isolate if you have water or gas coning, allowing you to optimize and extend the production over a longer time.

If you have low homogeneity of the reservoir it will impact the overall production, but in practice, having controllable ‘compartments’ allows the operator to mitigate his risks by allowing control of discrete portions of the well. Heel toe effects can be minimized and excessive water production or undesired gas breakthroughs can be shut-off. So yes, in general, zonal isolation makes sense and can be used in every type of reservoir and in the vast majority of wells. It’s a matter of engineering the right solutions for their well.

 

Full control of flow

Inflow control is a distinctive part of zonal isolation. Why is inflow control needed?

Inflow control is about being able to control your zonal production. There’s no point in creating a zone if you cannot control the flow from that zone. That’s why you have the well flow valve available, which you can position in the zone with a given production flow area through the valve.

Within a zone there can be one valve or a vast number of valves, depending on the flow rate desired. But what it gives you is the ability to control your flow area, which means you can either chose to hold back on production in a specific zone or not. If needed, you can actually close in that zone completely and maintain another one so that you can actively drain your different compartments.

And off course, the flow valves will always be designed for the application in question, giving the client optimal conditions for zonal isolation and increased recovery.

 

Mechanical foundation when cement is required

That WAB can also be used for cement assurance as a way of strengthening barriers. How does this work and what can operators gain from it?

We define the Welltec® Annular Barrier as a primary barrier and we have the background to support that. However, a barrier may be defined differently by the regulators in the different areas you are working in. So in the cases where cement is a 100% required due to regulatory matters, we offer a mechanical solution that can assist to anchor and secure the casing.

In such cases, the WAB’s provide a foundation for the cement. For example, if you want to do a stage cement job, one of the biggest challenges is to actually spot and get the cement where you want it. In such a case, the WAB can be used as a cement diverter, which basically forms the foundation of the cement. Here, you expand the WAB, get a pressurized barrier against your reservoir, but you put a cement port collar above the WAB. From here, you open that collar up then force cement outside, with the WAB as the foundation.

For many operators, this will be a very good solution where cement is needed to anchor and support the casing. Potentially, the operators can also have the WAB as the primary barrier, while at the same time not actually defining or referring to it as a primary barrier because of the regulatory guideline and rules.

 

Enabler for new wells

What other challenges do operators struggle with that the WAB can help solve?

When operators develop the fields, they may require water injection or gas injection or other reservoir management objectives. This means that the parameters of the formation that you drill through in order to penetrate the reservoir changes during the life of the well. Many times you actually have pressure regimes that have changed so much over time that you can’t drill anymore because you can’t isolate and support it with cement.

In cases like this, the WAB can provide the defense against surface annulus pressure. [edt: Read how the WAB as a primary barrier addresses the challenge of sustained annulus pressure in the first part of the interview: Rethink your completion strategy]. Basically, with regards to developing old fields, or maintaining production from them, the WAB is an enabler for being able to drill the additional wells and isolate the potential inflow zones that have appeared over the producing life of the wells. In this way, the WAB is not just a barrier for surface annulus pressure; it can also be an enabler for new wells.

 

Proven technology

Is the market ready to adopt this technology?

The market is in a flux given the downturn. Some operators will not be open for new ideas. But you have technology strong markets like in the North Sea – a really technology driven market geared to maintaining and getting as much out of the formations as you potentially can, which have and will continue to drive new solutions such as this one.

And based on all our testing qualifications and our track record, the WAB technology is not new anymore. It has been accepted and adopted by many clients, including most of the IOC’s and many NOC’s.

So now it’s as much a matter of helping the operators to change their thinking a little bit, and above all, to assist them in looking at what potential value the solutions can give them in all the different variations of their challenges. With this new and proven technology we offer, we can help operators prepare to take on the decision of changing the structure of their wells and to enable new wells in the future.

Read completion cases

JOHNNY BÅRDSEN

Johnny has extensive experience within the oil and gas industry. Among others, he worked several years for Baker Hughes and Statoil before joining Welltec in 2012 as Sales director for Well Completion Solutions in Scandinavia. Recently, Johnny won the Best Presentation Award at SPE Bergen, focusing on the WAB® and the Flex-Well® concept.


Q3-2015 Report and Investor Conference Call announcement

Company announcement no.9/2015: Welltec® will disclose its interim quarterly financial report for Q3-2015 on Thursday, November 19, 2015 and will discuss the results during an investor conference call at 5pm CET.

CONTACT

Michael Krabbe, Acting CFO,
Cell: +45 3034 3000
Simon Stadil, Director, Treasury and Investor Relations
Cell: +45 5213 8944

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

The conference call 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, conference ID 7081740.

The conference call will also be webcast simultaneously on a listen-only basis. Please log in via the “Investor” section of the website in due time to test your browser. A replay of the webcast will then be available following the transmission.

Conference Call Access Numbers:
Denmark: +45 3271 1658
United Kingdom: +44(0)20 3427 1918
USA: +1212 444 0481

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.