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Welltec in red after a run of profitable years

Welltec, which services the offshore sector, suffered a deficit after taxes of USD 33 million in 2015 and thus dips into the red after seven years of consecutive profits, according to the company's annual report.

"2015 proved to be a challenging year for both Welltec and the broader industry," notes Jørgen Hallundbæk, CEO of Denmark's Welltec, which services the offshore sector and, like most of the company's competitors, was unable to dodge negative developments such as the massive and surprising slide in the oil price.

This is evident from the company's annual report 2015, published Thursday, in which Welltec for the first time in seven years noted a deficit after taxes of USD 33 million against a profit of USD 21 million in 2014. Revenue declined from USD 345 million in 2014 to USD 246 million last year.

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