Welltec Brazil Secures Major Contract With Petrobras for Conveyance and Intervention Services

ALLERØD, Denmark, July 14, 2011 -

Welltec ^® announced today that they have signed a
major contract in Brazil with Petrobras; contract value will be in
excess of $15MM for a duration of up to 4 years.  Welltec has
been selected as the primary service provider for electric line
tractor conveyance as well as for a wide portfolio of mechanical
intervention services including milling, cleaning, plug setting and
sliding sleeve manipulation.  These services will allow
Petrobras increased flexibility in planning and executing their
land as well as their offshore and subsea activity with a higher
degree of safety and certainty through the application of Welltec’s
unique, high precision, robotic technologies.

According to Jørgen Hallundbæk, Chief Executive Officer,
Welltec, “We worked diligently with Petrobras to finalize this
agreement and both parties are excited about beginning the
work.  Petrobras have often recognized our capabilities as the
premier tractor conveyance company but have also come to realize
the value our mechanical intervention services enabled on electric
line can provide them.  Using Welltec can dramatically reduce
the footprint, the number of lifting operations and the rig up time
at the well location versus conventional heavier intervention
methods.  This contract provides Welltec with a great platform
to further its expansion in an important, rapidly expanding, deep
water market.”  

About Welltec

Welltec develops and provides innovative well technology and
services for the oil and gas industry.  Our technology and
services are designed to be solutions which aid in optimizing the
performance of reservoirs.  These solutions in well completion
technology and intervention services also ensure performance and
integrity over the life of the well.  More information about
Welltec is available at href="www.welltec.com">www.welltec.com.

Lars Mangal
Chief Commercial Officer
+45-88-53-83-53

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