ShippingWatch

Welltec could soon be hit by declining oil

The drastic decline of the oil price in recent months has not yet affected Welltec noticeably, but the company's CFO, Jesper Helmuth Larsen, cannot rule out that this will happen, he tells ShippingWatch.

The decline of the oil price to less than USD 80 has affected a big part of the oil industry, though the drop has apparently not yet hit Danish supplier Welltec. But it would be strange if this does not happen, says Welltec CFO Jesper Helmuth Larsen.

Welltec's revenue grew 15 percent in the 3rd quarter, to USD 89 million, and the company's operating profit improved to USD 24 million, from USD 14 million in the same period last year. These results made Welltec raise its full-year earnings forecast to USD 155 million, from previously USD 150 million. The company maintained its expectations for a full-year revenue of USD 350 million.

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