We have set another record with our powerful clean-out solution. During an operation in the North Sea the Well Cleaner PST retrieved a total of 1,500 lbs of sand with up to >300 lbs in two of the runs. The operation actually started as a drift run but owing to the remarkable efforts by the Well Cleaner the job went from drift to world record performance.
The well had a history of sand production, but at the time of the operation the operator was not certain of the hold-up depth (HUD). As they now wanted to inspect the integrity and add more perforations it became important to establish the exact HUD. First they wanted to run the Well Cleaner RCB as a drift run for debris removal and determination of the HUD. However, this plan changed quickly as our clean-out solutions demonstrated just how effective they are.
A broad range of e-line clean-out technologies executed nine successful runs. On two of these runs we sat a record by removing >300 lbs of sand – in each run.
In total over 1,552 lbs of sand was successfully collected over a distance of ~ 1,735 ft. This enabled the operator to perform the logging run and make an informed decision on the perforations.
Our outstanding execution demonstrated how light, e-line clean-out solutions can deliver many of the objectives that the operator has for other wells without a workover rig or coiled tubing unit.
You can read the full story here.
Company announcement no. 10/2014: Welltec® maintained its growth rate in the third quarter of 2014 with the continued uptake of its advanced intervention solutions by major operators around the world. The EBITDA margin remained high and improved on last year, albeit slightly lower following the record second quarter. In absolute terms EBITDA grew 26%. Accordingly, Welltec® adjusts upward its guidance on earnings for 2014.
- Revenues increased by 15% year on year to USD 89 million with varied regional contributions:
- In Europe, Middle East, Africa and Russia CIS (EMEAR), revenues increased by 29% to USD 50 million
- Revenues in the Americas grew 8% to USD 32 million
- Asia Pacific revenues decreased 24% to USD 7 million
- Welltec® posted a 26% increase in EBITDA to USD 41 million, representing an EBITDA margin of 46% (42% in Q3 2013)
- Operating profit (EBIT) increased to USD 24 million (USD 14 million in Q3 2013)
- Management maintains its expectations on full-year revenues to be around USD 350 million (9% growth), but adjusts upward its guidance on EBITDA to USD 155 million, representing an EBITDA margin of around 44%. This compares to earlier expectations on EBITDA of USD 150 million
Jørgen Hallundbæk, CEO: “It is pleasing to see a continuation of the growth trend as we continue to evolve as an organization and deliver on our plans and our guidance for the year. This quarter we launched our new transformation center in Esbjerg, home to our revolutionary Flex-Well® completion concept. In what is our 20th year, this marks the start of another paradigm shift for both Welltec® and the industry. Our simple yet game-changing approach to completions provides a step change in recovery, safety and sustainability. Our supply chain is in place and we are developing a pipeline of operational activity for a host of key clients. It will take time, however, as was the case for adoption of our pioneering robotic well intervention services, but the potential benefits are vast.”
Investor conference call
Welltec® will discuss its results during an investor conference call today 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 Center”.
The teleconference can be accessed by dialing in a few minutes before start and informing the operator that you would like to participate in Welltec’s investor conference call, conference ID 20547361.
Conference access numbers
Denmark: +45 32 72 80 18+45 32 72 80 18
UK: +44 8445 718 957+44 8445 718 957
US: +1 866 682 8490+1 866 682 8490
The call will be webcast simultaneously and available online following today’s live transmission.
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.
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.