Welltec Secures Majority of Fixed Scope Award From Statoil for the Provision of Tractor Services

COPENHAGEN, Denmark, October 11, 2012 /PRNewswire/ --

Welltec Corporation, a Danish based, oil and gas services company, is pleased to announce that they have been awarded the majority contract by Statoil for the supply of Well Tractor Services to the North Sea.

"As a leading supplier in performance and technology development within these services, Welltec will continue to supply these services to Statoil for the next four years." says Thor Sælensminde, Leading Advisor Statoil.

This contract has an estimated value in excess of 540 MNOK in the initial term.

In addition to the fixed awarded scope, Welltec will have the opportunity to deliver Well Tractor and related services to mobile drilling and light well intervention units operating from Stavanger

 "Our relationship with Statoil is very strong as is our commitment to enable their improved recovery plans.  Statoil was one of the early adapters of Well Tractor technology, as far back as 1994,  and we have worked diligently to build and supply a large, innovative portfolio of services for them." Says Jørgen Hallundbæk, CEO.  

Welltec® is the largest provider of tractor technology for conveyance solutions as well as the foremost provider of milling, cleaning and mechanical solutions which have been successfully developed and applied by Welltec® over the last two decades.