Welltec A/S “Welltec” increases the 2017 Revolving Credit Facility “RCF”.
Welltec has today increased the existing USD20m RCF by incremental USD20m. The new USD40m facility, maturing in February 2017, has been arranged by Welltec and will be used for general corporate purposes.
With the new facility, Welltec’s liquidity reserves comprising cash and committed credit facilities will be appropriately sized in order to support future growth and ensure sufficient financial flexibility for Welltec in the coming years.
The general terms and conditions of the facility will remain unchanged.
For further information, please contact:
Jesper Helmuth Larsen, CFO, Cell: +45 2329 2600
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 per-formance and increase the amount of recoverable oil and gas reserves in reservoirs. We provide our services and solu-tions for onshore and offshore oil and gas wells and operate in deepwater, subsea, Arctic, high-yield, heavy oil, geo-thermal and unconventional environments as well as conventional environments. We operate in all hydrocarbon pro-ducing areas and had, as of December 31, 2012, 916 dedicated employees in 25 countries. For the twelve months ended December 31, 2012, we had revenues and EBITDA of approximately DKK 1,701 million and DKK 802 million, respectively (or approximately US$ 301 million and US$ 142 million, respectively).