Welltec lands three-year deal with Petronas

Welltec, a technology solutions provider for the energy industry, has been awarded an exclusive three-year contract by the Malaysian energy company, Petronas. 

Source: Welltec

Welltec said on Tuesday that the agreement had officially started on 1 April.

Under the deal, Welltec has been appointed as the sole provider of downhole conveyance and powered mechanical services in both East and West regions of Malaysia.

“It’s a great team effort that has led to the award of this exclusive long-term contract with Petronas, and Welltec has demonstrated a strong ability to deliver – even through a challenging 2020 – high-quality services in a safe manner to the largest assets in the country at a very cost-effective rate”, said Espen Dalland, Area VP for the Asia-Pacific region.    

“This winning combination is the foundation for Petronas awarding us an even larger work scope for the next three years, where we will continue to deliver world-class technology and services”, added Dalland. 

With the new deal covering the entirety of Petronas’ well intervention operations, the award not only builds on a longstanding relationship, but also shows a real vote of confidence for Welltec’s fleet and technological capabilities.    

Giving further context, Alex Nicodimou – VP Sales & Marketing – commented: “Petronas is a key customer in the region who over recent years have moved more and more towards an integrated approach for interventions.

“The fact they have provided us 100% of their intervention work speaks volumes about their belief in our technology and ability to deliver.  We’re looking forward to continuing to support them to the best of our abilities”.

In a separate announcement on Wednesday, Welltec said that its founder and CEO, Jørgen Hallundbæk, is retiring from the management team. He has sold a portion of his shares but remains the largest sole shareholder of the company.

Welltec’s COO for the last 10 years, Peter Hansen, has been appointed as the company’s new CEO.