Welltec has signed a major contract in Brazil with Petrobras; contract value will be in excess of $15MM for a duration of up to 4 years. Welltec has been selected as the primary service provider for electric line tractor conveyance as well as for a wide portfolio of mechanical intervention services including milling, cleaning, plug setting and sliding sleeve manipulation. These services will allow Petrobras increased flexibility in planning and executing their land as well as their offshore and subsea activity with a higher degree of safety and certainty through the application of Welltec's unique, high precision, robotic technologies.

According to Jorgen Hallundbaek, Chief Executive Officer, Welltec, "We worked diligently with Petrobras to finalize this agreement and both parties are excited about beginning the work. Petrobras have often recognized our capabilities as the premier tractor conveyance company but have also come to realize the value our mechanical intervention services enabled on electric line can provide them. Using Welltec can dramatically reduce the footprint, the number of lifting operations and the rig up time at the well location versus conventional heavier intervention methods. This contract provides Welltec with a great platform to further its expansion in an important, rapidly expanding, deep water market."

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