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.

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