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Welltec

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Company Research Report: Welltec A/S



Company Overview



  • Name: Welltec A/S

  • Mission of the Company: The mission of Welltec is the application of engineering and technology to provide safe, effective, and quantifiable energy solutions, striving to optimize energy efficiency while minimizing the environmental footprint.

  • Founded by: Jørgen Hallundbæk

  • Year Founded: 1994

  • Key People:

  • Jørgen Hallundbæk, Founder

  • Vegar Grüner, CEO (Innowell)

  • Wai Hoe Chum, VP of Completions

  • Christian Kruger, VP of Global Business Development

  • Tommy Eikeland, Chief Commercial Officer

  • Kristiyan Petrov, Finance Director, FP&A

  • Headquarters: Gydevang 25, 3450 Alleroed, Denmark

  • Number of Employees: No information is available

  • Revenue: Welltec has achieved record revenue and net profit in 2023, marking a continuation of the strong financial performance from 2022. However, specific revenue figures are not provided.

  • Known For: Welltec is known for providing innovative, hi-tech solutions in the energy industry, specifically in well completion and intervention technologies. It is recognized for its pioneering role in the development of robotic technology for oil and gas operators and its specialization in metal expandable packer technology.


Products



Product Offerings


1. Completion Solutions:
  • High-Level Description: Welltec provides a range of completion solutions focused on well construction and integrity. These solutions aim to ensure maximum reservoir contact, maintain well integrity, and deliver cost savings.

  • Key Features:

  • Liner hanger

  • Tieback liner

  • Advanced well architecture

  • Inner-string packer

  • Zonal isolation and control

  • Well abandonment


2. Intervention Solutions:
  • High-Level Description: Welltec's intervention solutions offer safe, reliable, surface-controlled downhole tool operations to enhance well access and longevity.

  • Key Features:

  • Well Tractor®

  • Power Suction Tool

  • Downhole Jetting Tool (DJT)

  • Well Cleaner® for dry and harassment environments


3. New Energy Solutions:
  • High-Level Description: Focused on supporting the development of sustainable energy systems, including geothermal energy and carbon capture.

  • Key Features:

  • Geothermal well construction

  • Enhanced Geothermal Systems (EGS)

  • Low and high-temperature operations


Notable Products


  • Density Activated Recovery (DAR™): Autonomous water cut reduction system enhancing hydrocarbon recovery.

  • Isealate Springblade Patch: A relining and repair solution designed for ultra-slim applications.

  • WAB®: Metal expandable packers for well abandonment, construction, integrity, and zonal isolation.


Recent Developments



Recent Developments and Innovations


  • DAR Technology Deployment: Welltec announced the first deployment plans of the DAR Technology in collaboration with Equinor in the Johan Castberg field. This system autonomously manages excessive water inflow in oil production, reducing environmental impact and production costs.

  • Partnership with Axter: Welltec has established an exclusive partnership with Axter to advance robotic intervention solutions, enhancing service capabilities for Plug and Abandonment (P&A) and Enhanced Oil Recovery (EOR).


New Products and Features


  • Dual-Phase DAR System: Introduced to control both water and gas inflows simultaneously in a single assembly.

  • Axter Electro-Mechanical Technology Platform: Added features include acoustic scanning, window milling, gripping, and cutting capabilities in a single toolstring.


Strategic Partnerships


  • Collaboration with Equinor: The partnership includes the funding and field trial deployment of the DAR system, highlighting a shared commitment to enhance production while minimizing environmental impact.

  • Exclusive Partnership with Axter: This partnership is designed to deliver cutting-edge intervention solutions to the global energy market.


In summary, Welltec is at the forefront of technological advancements in the energy sector, emphasizing sustainable and efficient solutions. This comprehensive focus on innovation and strategic partnerships positions Welltec as a leader in both traditional and renewable energy domains.