Interim Report Q1 – 2015 and Investor Conference Call

Company announcement no.4/2015: Welltec® will disclose its interim quarterly financial report for Q1-2015 on Thursday, May 21, 2015 and will discuss the results during an investor conference call at 5 pm CET.

CONTACT

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

The Interim Report and 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, ID 3263982.

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 1660
United Kingdom: +44 (0)20 3427 1903
USA: +1 646 254 3363

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.


Change in Management

Our CFO for the last 6 years, Jesper Helmuth Larsen, has decided to leave Welltec on March 31, 2015, for personal reasons. Jesper will move back home to Jutland to be closer to his family. Group Finance Director, Michael Krabbe has taken over as acting CFO, as of March 2, 2015. Jesper has been Michael’s mentor for quite a number years, enabling a smooth transition. We take the opportunity to thank Jesper for his valuable contribution to Welltec and wish him all the best in the future.

Best regards,
Jørgen Hallundbæk, CEO

CONTACT

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


Annual Report 2014

The Board of Directors of Welltec International ApS (“Welltec®”) has today approved the Annual Report for 2014.

Key highlights
Welltec® achieved continued revenue growth and improved earnings in 2014 through the execution of key strategic initiatives planned for the year. Revenues and earnings were in line with full year expectations. Strong activity growth and improvements in the sales mix reflected an increased focus on promoting the strength of our value proposition, although the US dollar appreciation provided a stern headwind. Continued operational success increased activity with our largest clients and underpinned the further expansion of our global footprint.

CONTACT

Michael Krabbe, Acting CFO
Cell: +45 30 34 30 00
Simon Stadil, Director, Treasury and Investor Relations
Cell: +45 52 13 89 44

  • Revenues increased by 7% year on year to USD 345 million with varied regional contributions:
    • In Europe, Middle East, Africa and Russia CIS (EMEAR), revenues increased by 13% to USD 191 million
    • Revenues in the Americas grew 9% to USD 122 million
    • Asia Pacific revenues decreased 19% to USD 32 million
  • Welltec® posted a 15% increase in EBITDA to USD 155 million, representing an EBITDA margin of 45% (42% in 2013)
  • Operating profit (EBIT) increased by 12% to USD 76 million
  • Net profit increased by 3% at USD 21 million
  • Due to the current environment and significant market uncertainty looking into the year ahead, Welltec® is not able to offer a qualified guidance for the full year 2015.

 

Jørgen Hallundbæk, CEO: “2014 marked Welltec’s 20th anniversary and two decades of disruptive innovation that has challenged industry practice and provides the answer to many of the questions it is faced with today. Lower lifting costs, higher recovery and improved safety are not a contradiction but a reality with our technology. We are tried, tested and trusted to increase production from existing wells at a substantially lower cost than conventional methods. Our intervention solutions simply allow our clients to do much more with far less. It was also the year where we really announced our arrival in the completions arena with the launch of our transformation center in Esbjerg and a remarkable industry breakthrough in the first deployment of our WAB® as a cementless primary well barrier. Our completion solution’s capabilities have been accelerating and now allow operators to tap into the full value of their wells through a truly adaptable completion that brings fields online faster, for longer and from fewer topside locations. The prevailing market may or may not act as a catalyst but with the production supply from the majority of wells in continual decline; our Flex-Well® approach is the long term solution.”

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, ID 81527107.

The 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: +45-3272-8018
United Kingdom: +44-8445-718-957
USA: +1-866-682-8490

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.


Welltec Announces Payment of Interest

30 January 2015
Company announcement no. 1/2015

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 2015.

CONTACT

Jesper Helmuth Larsen, CFO
+(45)-2329-2600

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 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 in 2013 and average of 1,055 dedicated employees across 28 countries. For the twelve months ended December 31, 2013, we had revenues and EBITDA of approximately USD 321 million and USD 135 million, re-spectively.


Interim Report Q3 – 2014

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.

CONTACT

Jesper Helmuth Larsen, CFO,
Cell: +45 23 29 26 00
Morten Græsbøll Ottesen, Investor Relations Director
Cell: +45 22 33 73 08

  • 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.

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.

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.


Interim Report Q2 – 2014

Company announcement no. 8/2014: Welltec® achieved record levels of revenue and EBITDA in the second quarter of 2014 as it continued to gain traction with its high-value intervention services and deliver on its key initiatives for the year. EBITDA continued to improve through the development in the sales mix, higher levels of utilization and operational efficiencies. Accordingly, Welltec® adjusts upward its guidance for 2014.

CONTACT

Jesper Helmuth Larsen, CFO,
Cell: +45 23 29 26 00
Morten Græsbøll Ottesen, Investor Relations Director
Cell: +45 22 33 73 08

  • Revenues increased by 15% year on year to USD 97 million with varied regional contributions:
    • In Europe, Middle East, Africa and Russia CIS (EMEAR), revenues increased by 23% to USD 55 million.
    • Revenues in the Americas grew 18% to USD 33 million.
    • Asia Pacific revenues decreased 24% to USD 8 million.
  • Welltec® posted a 21% increase in EBITDA to USD 47 million, representing an EBITDA margin of 49% (47% in Q2 2013).
  • Operating profit (EBIT) increased to USD 28 million (USD 25 million in Q2 2013).
  • Management adjusts its full-year revenue forecast to be around USD 350 million (9% growth), with EBITDA of USD 150 million, representing an EBITDA margin of around 44%. This compares to earlier expectations of full-year revenue of around USD 340 million and EBITDA of USD 140 million, with an EBITDA margin of around 42%.

Jørgen Hallundbæk, CEO: “Our results this quarter illustrate how our game-changing solutions continue to help our clients meet their objectives on well optimization and recovery. It also reflects continued progress on the strategic initiatives geared towards enabling the organization to have a wider impact and realize more of the total addressable market. It is satisfying to see double-digit growth again and the transformation work will continue in our quest to help the industry supply the world’s energy in a safer, more sustainable way.”

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 “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 start and informing the operator that you are dialing in for Welltec’s investor conference call, conference ID 68010099.
Conference access numbers

Denmark: +45 32 72 80 18
UK: +44 8445 718 957
US: +1 866 682 8490

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

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.

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.


Welltec announces payment of interest, July 2014

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 2014.

CONTACT

Jesper Helmuth Larsen, CFO,
Cell: +45 2329 2600

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 2013 and average of 1,055 dedicated employees across 28 countries. For the twelve months ended December 31, 2013, we had revenues and EBITDA of approximately USD 321 million and USD 135 million, respectively.


Interim Report Q1 – 2014

INTERIM REPORT Q1 – 2014

Key highlights
Welltec® delivered a first quarter result with revenue growth aligned to full year expectations, following an uplift in high-complexity work which counteracted the impact of adverse operating conditions in its largest market, Scandinavia. EBITDA was improved by the sales mix and improvements in utilization and operational efficiencies. Accordingly, Welltec® maintains its guidance for 2014.

  • Revenues increased by 6% year on year to USD 80 million with varied regional contributions:
    • In Europe, Middle East, Africa and Russia CIS (EMEAR), revenues increased by 9% to USD 42 million.
    • Revenues in the Americas were flat at USD 27 million.
    • Asia Pacific revenues grew 6% to USD 10 million.
  • Welltec® posted a 31% increase in EBITDA to USD 35 million, representing an EBITDA margin of 44% (36% in Q1 2013).
  • Operating profit (EBIT) increased to USD 17 million (USD 14 million in Q1 2013).
  • Management maintains its expectations on full-year revenues of around USD 340 million (6% growth) with EBITDA of USD 140 million, representing an EBITDA margin of around 42%.

Jørgen Hallundbæk, CEO: “As expected, the first quarter results reflect early progress on some of our key initiatives for the year. Our focus remains to promote well optimization and production with our enabling technologies, allowing our clients to be the best at what they do. In particular, we’ve seen continued adoption of our Milling and Mechanical solutions around the globe in a host of challenging environments. These continue to push the boundaries on what can be done to quickly restore production in a safer, more sustainable way.”

EBITDA-extended_web

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 “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 start and informing the operator that you are dialing in for Welltec’s investor conference call, conference ID 24351848.

Conference access numbers

Denmark: +45 32 72 80 18
UK: +44 8445 718 957
US: +1 866 682 8490

The call will be webcast simultaneously and available online following today’s live transmission.
For further information, please contact:

Jesper Helmuth Larsen, CFO
Cell: +45 2329 2600

Company Profile

Welltec® is a leading provider of robotic intervention services and completion solutions to the oil and gas industry. Our pioneering technology enables operators to optimize the management and development of their assets throughout their life cycle. We address the factors that maximize value creation, continuously innovating to reduce well construction time, speed up access to the hydrocarbons and reduce the capital expenditure compared to more conventional methods. The effect is one of maximizing hydrocarbon production and increasing total recovery while minimizing operating downtime.

Our lightweight technology also reduces the risk to personnel and increases many safety aspects of the industry by enabling smaller work crews and minimizing heavy lifting. Furthermore, our technology allows operators to avoid the use of rigs, significantly reducing the industry’s carbon footprint. Our 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.

This is Welltec’s philosophy; to challenge existing conventions and think laterally in order to develop products and services which increase oil and gas recovery while improving the sustainable, economic, environmental and safety aspects of our industry. In practice we develop, test and manufacture state-of-the-art technology to enhance the production and recovery rates for our clients, thereby improving their profitability through a longer term revenue stream, while at the same time improving upon health, safety and environmental attributes.

Our game-changing solutions allow our customers, some of the world’s largest national and independent oil companies, to optimize production through ground-breaking flexible well completion solutions (WCS) and innovative well intervention services (WIS). Our disruptive innovation challenges the conventions, maximizing production, increasing oil recovery and improving well-integrity and safety, with faster and less intrusive solutions in environments that are becoming increasingly complex, remote and hostile.

In an industry characterized by maturing fields and increasing depletion, the premium attached to technology which aids in reversing these trends is continuing to gain momentum. Our value proposition is compelling; our technology enables clients to unlock more production from their assets and to address reservoir complexities and uncertainties with a greater number of options, which are cleaner, safer and more sustainable.

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.


Annual Report 2013

The Board of Directors of Welltec International ApS (“Welltec”) has today approved the Annual Report for 2013.

Key highlights
Welltec® continued on its path of profitable growth and operational cash flow generation in 2013 despite falling short of full year expectations, in a year dominated by corporate development and the necessity to change the organizational structure in order to have a wider impact and better deliver on its mission.

  • Revenues increased by 9% to USD 321 million and all regions contributed to the growth:
    • In Europe, Middle East, Africa and Russia CIS (EMEAR), revenues increased by 11% to USD 170 million
    • Revenues in the Americas rose by 5% to USD 112 million
    • Asia Pacific revenues increased by 10% to USD 40 million
  • Welltec® posted a 3% decrease in EBITDA to USD 135 million, equating to an EBITDA margin of 42% (47% in 2012)
  • Operating profit (EBIT) before special items reduced to USD 72 million (USD 85 million)
  • Net profit was USD 21 million (USD 24 million)
  • Management expects continued growth in revenue in 2014 and an improvement in EBITDA. Revenue is expected to be around USD 340 million (6% growth) with EBITDA of USD 140 million, equating to an EBITDA margin around 42%.

Jørgen Hallundbæk, CEO: “During the past year we took the logical step to change our organizational structure and implement a more decentralized set-up that balances global coordinated management with fast, local decision-making to provide flexibility and strengthen our regional capabilities. The transition has not been without challenges and a continued effort is needed in 2014. However, I remain confident that our efforts in 2014 will pave the way for continued growth. We have remained true to our vision of transforming the oil industry into one that is safer and more sustainable while achieving a higher recovery. The key is how successfully we can implement real shifts in behaviors both from an internal and an external perspective. I believe that a united, refocused organization with a stronger regional presence continued technological leadership and unparalleled service quality, will provide the foundation for further success in the years to come.”

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 50247624.

The 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: +45-3272-8018
United Kingdom: +44-8445-718-957
USA: +1-866-682-8490

For further information, please contact:
Jesper Helmuth Larsen, CFO, Cell: +45 2329 2600

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.


Interim Report Q3-2013

Key highlights
Over the last twelve months Welltec’s revenues have increased by 19% and its EBITDA by 7%. Growth in the third quarter was reduced although activity levels continued to grow strongly, with revenues impacted by changing sales mix both geographically and in service solution. EBITDA was impacted by the lower gross margin, but supported by continuing improvements in utilization. Accordingly, Welltec® adjusts its forecast for 2013.
For the last twelve months to September, revenues grew 19% and EBITDA increased by 7%, with the EBITDA margin at 43%.
In the third quarter, revenues increased by 2% year on year to USD 78 million with varied regional contributions:
In Europe, Middle East, Africa and Russia CIS (EMEAR) revenues increased by 11% to USD 39 million
Revenues in the Americas fell by 4% to USD 30 million
Asia Pacific revenues declined by 12% to USD 9 million
Welltec® posted an EBITDA of USD 33 million in the third quarter, equating to an EBITDA margin of 42%, as compared to USD 37 million (49%) in the third quarter of 2012.
Operating profit (EBIT) was USD 14 million, as compared to USD 22 million in the third quarter of 2012.
In view of the performance in the first nine months and the outlook in the remainder of the year, Welltec® adjusts its guidance. Following the change of functional and reporting currency, management expects revenue to be around USD 330 million (12% growth) with EBITDA of USD 140 million, equating to an EBITDA margin around 43%. Welltec® previously expected revenue to be DKK 1.9-2.1 billion and the EBITDA margin at or around recent historical levels.
Jørgen Hallundbæk, CEO: “For the past year we have been in the process of implementing a more decentralized organizational structure to strengthen our regional capabilities and more effectively capitalize on the opportunities we see with our increased client base. While this transformation seems logical with all the time zones and different countries we work in, it has not been without challenges. Regional differences, lack of sufficient critical mass to support the transition in some areas, as well as organizational alignment challenges, have all prolonged the adaptation process, and this has impeded performance in some areas and with it our guidance. Therefore a continued effort is needed with an even more differentiated approach to secure the transition. I remain confident that in the longer term a stronger regional presence and our superior technological offering will pave the way for our continued growth.”

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 “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, conference ID 93425248.

Conference access numbers
Denmark: +45 32 72 80 18
UK: +44 8445 718 957
US: +1 866 682 8490

The 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.

Company Profile
Welltec® is a leading provider of robotic intervention services and completion solutions to the oil and gas industry. Our pioneering technology enables operators to optimize their use of oil and gas resources throughout the life-cycle of their wells. We address the factors that maximize value creation, continuously innovating to reduce well construction time, speed up access to the hydrocarbons and reduce the capital expenditure burden of more conventional methods. The effect is one of maximizing oil and gas production while minimizing operating down-time.

This is the essence of Welltec’s philosophy; to challenge existing practices and think laterally in order to develop products and services which increase oil and gas recovery while improving the economic, environmental and safety aspects of our industry. In practice we develop, test and manufacture state- of-the- art technology to enhance the recovery and production rates for our clients, thereby improving their profitability through a longer term revenue stream.

Our intervention solutions allow our customers, some of the world’s largest national and independent oil companies, to pursue fields that would not otherwise be economically viable. Our lightweight technology delivers more efficient, more effective, more productive and safer interventions in environments that are becoming increasingly complex, remote and hostile.

In an industry characterized by maturing fields and increasing depletion rates, the premium attached to technology which aids in reversing these trends is continuing to gain momentum. Our value proposition is compelling; our technology enables clients to unlock more production 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.

For further information, please contact:
Jesper Helmuth Larsen, Chief Financial Officer,
mobile: +45 23 29 26 00

Morten Græsbøll Ottesen, Investor Relations Director,
mobile: +45 22 33 73 08