Welltec takes a beating in Q1

The oil service company Welltec expects that the worst is over but factors including the US shale market could still cause problems.

The dire state of the oil industry has once again dealt a fresh blow to Denmark's oil service major Welltec.

Danish newspaper Børsen writes Thursday that the company booked a loss of USD 67.8 million in the first quarter, down from a profit before taxes of USD 3.9 million in the same period last year.

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