Tough times continue at Welltec

The Danish oil services company delivers yet another quarterly deficit, but sees positive indications for the next year.

Things are far from positive at Welltec, after third-quarterly figures revealed a decline at the Danish oil services company across the top and bottom. The financial report, released Monday, shows a 5.3-percent reduction in revenue down to USD 44.5 million and a negative USD 12 million in EBIT.

When compared with previous years, the third-quarterly results seem even worse. In the third quarter of 2014, around the time when the oil price crisis emerged, the then-skyrocketing company delivered a USD 6 million profit, based on revenue which came out as USD 89 million – twice as much as the result three years later.

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