Welltec’s Founder and CEO Retires and Passes the Reins to the COO

Source: www.gulfoilandgas.com 4/14/2021, Location: Europe

Founder and CEO of Welltec®, Jørgen Hallundbæk, is retiring from the management team. He has sold a portion of his shares but remains the largest sole shareholder of the global technology company. Welltec’s COO for the last 10 years, Peter Hansen, is appointed new CEO.

Welltec was founded in 1994 and is today a global leader in oil & gas well robotic intervention and maintenance as well as in metal expandable isolation & integrity packers. Within these two categories, Welltec has global market shares of 55% and 40% respectively with both technology portfolios having a significant green environmental effect for their users. In the last 3 years, the company has also entered the geothermal and carbon capture & storage markets.

In recent years, Welltec has made gradual changes to its organization and today’s change in management completes this journey. Welltec's founder and CEO, Jørgen Hallundbæk, is retiring from the management team and the current COO, Peter Hansen, is assuming the position as CEO. Jørgen Hallundbæk remains the largest shareholder but has sold some of his shares to the two other large shareholders, the European investment companies, 7-Industries and Exor.

“Welltec was far ahead of its time when Jørgen Hallundbæk founded the company, and he has built a really strong global technology business over the past 27 years. Our current COO, Peter Hansen, has been a part of Welltec's management team for the last 10 years, and I am confident that in his new role he will continue to strengthen and expand Welltec’s global leadership positions” says Niels de Coninck-Smith, Chairman of the Board of Directors at Welltec.

Today, Welltec is a global company with approximately 800 employees across 38 offices and operating bases in 22 countries. Welltec revenues have grown rapidly since 2017 reaching $257m in 2019 with an EBITDA of $101m (39%) with healthy operating cash flows. As previously communicated, Welltec expects to announce a revenue decline for 2020 of less than 15% in what was a very challenging year for the entire industry, where the company managed to maintain operating earning margins close to 40%, which places the company among the best in the industry. Moving forward and to ensure this continued level of performance, Welltec, together with the shareholders, will further optimize the capital structure of the company.

“Together with our global teams, I look forward to continuing to contribute to the development of Welltec. We are global leaders in our service and products categories and are determined to strengthen our positions further. We have expanded our business potential by investing in geothermal and carbon capture and storage technology development. Combined with our core services and products, we believe that this creates a solid platform for the future,” says Peter Hansen.

Welltec has already established a multi-year collaboration with the US Department of Energy developing technologies for geothermal wells. The company also expects to be able to draw on its extensive experience with solutions for oil and gas wells in connection with carbon capture and storage. Both business areas are expected to grow significantly in the coming years.

“It is with great pride and appreciation that I now hand over the reins to the new management team but remain the largest sole shareholder of Welltec. As founder of a company, it is always difficult to find the right moment to step down, but I am confident that this is it, since we now have the right setup. We have come through the most challenging year in decades in the industry and we are facing new possibilities going forward,” says Jørgen Hallundbæk, founder of Welltec.


Netherlands/Holland >>  11/7/2024 - Effective January 1, 2025, Berte Simons has been appointed Chief Operating Officer (COO) of the Port of Rotterdam Authority by the shareholders. This ...
Ireland >>  11/6/2024 - Origin Enterprises plc ('Origin' or 'the Group'), the international group championing sustainable land use solutions, is pleased to announce the appoi...

Ireland >>  11/6/2024 - Intelligent power management company Eaton (NYSE:ETN) announced the appointment of Omar Zaire to president, Corporate and Electrical Sector, Europe, M...
United States >>  11/6/2024 -  Advanced Functional Fabrics of America, Inc. (AFFOA) is proud to announce the addition of Eric D. Evans, Ph.DDD., to its Board of Directors. The newe...

United States >>  11/6/2024 - Blue Tide Environmental ("Blue Tide" or the "Company"), an environmental company focused on developing a network of used motor oil ("UMO") recycling f...
United States >>  11/6/2024 - BayoTech, a global leader in hydrogen production and distribution solutions, proudly announces the appointment of Diaco Aviki as President and Chief E...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.