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Welltec: Hard work withstanding plunge in oil price

Welltec's annual report shows no signs of the sliding oil price that has affected the industry since autumn. Hard and preemptive work are the main reason that the price drop is not visible in the numbers, says CFO, Jesper Helmuth Larsen, in an interview with ShippingWatch.

The end of 2014 affected the entire oil industry due to the drastic plunge in oil prices and the subsequent impairments and budget cuts among several of the biggest oil companies, operators and suppliers. But the development, which now in the middle of the season for annual reports is reflected in a number of companies' 2014 results, is not visible anywhere in the report from Danish oil service company Welltec.

"We are pleased that the initiatives we implemented at the end of 2013 and the beginning of 2014, as well as our ability to follow through with them during the year, have made it possible to finish 2014 in goof form in spite of the surprising drop in oil prices at the end of the year. A drop that has continued into the new year," says CFO of Welltec, Jesper Helmuth Larsen, in an interview with ShippingWatch, adding:

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