Welltec Secures Direct Award from Ecopetrol Colombia

COPENHAGEN, Denmark, February 19, 2014 /PRNewswire/ --

Welltec Corporation, a Danish based, oil and gas services company, is pleased to announce the award of a direct, four year contract from Ecopetrol Colombia for the supply of Well Tractor^® conveyance and Well Cutter™ services. The initial contract value is in excess of five million USD with options to increase as required.

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"Ecopetrol (NOC) Colombia is focused on exploration and development of assets in Colombia. Ecopetrol is developing a campaign of drilling horizontal wells in several of its main fields in which the use of tractor technology represented significant savings in rig time and minimized risk by avoiding pipe operations. With the new contract we expect to continue having the benefits of using tractors as well as to introduce the use of non-explosive cutters, particularly due to regulations in Colombia for explosives transportation." stated Diana Patricia Chaparro Corredor, Leader of Reservoir Optimization Group.

Welltec^® has been providing Well Tractor^® conveyance services to Ecopetrol since January 2012, resulting in efficiency gains for Ecopetrol over other conveyance methods. Similar to the previous contract, this nationwide agreement provides conveyance solutions for open hole, cased hole, perforation and production logging services plus innovative, new technology additions such as the Well Cutter^® for performing mechanical cutting operations.

"This commitment by Ecopetrol in Colombia demonstrates that our disruptive technology is providing value in terms of optimized management of their assets with a minimized risk profile. It is significant that Ecopetrol allowed us to introduce further new technology into the contract in the form of the Well Cutter^®. This will allow Ecopetrol to realize the same benefits from this innovative tool that our clients are realizing in other parts of the world," states Carl Strubberg, Welltec Senior Vice President, Americas.

Welltec^® has consistently performed to meet Ecopetrol's requirements, reliably delivering high service quality throughout the previous contract. With this new contract, Welltec^® is committed to furthering value to Ecopetrol, the largest and leading oil company in Columbia.

"Latin America is one of Welltec's fastest growing areas in the world and Colombia is one of our key markets within this region. This four year commitment from Ecopetrol is an important component of our future growth there," further explains Carl Strubberg.

Welltec^® is the world's leader in providing tractor technology for conveyance solutions as well as the foremost provider of milling, clean-out and mechanical solutions globally. These technologies have been successfully developed and applied by Welltec^® for nearly two decades, creating a market for workover services accomplished on electric line.

SOURCE Welltec