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Welltec A/S acquires Autentik AS to expand intervention service offering

Wednesday, March 1, 2023

The acquisition of Autentik AS is a strategic move by Welltec to expand its downhole well access capabilities and enhance its overall service offerings.

Allerød, Denmark (March 1, 2023) - Welltec A/S, a market leader in Completion and Intervention within the energy industry, announces the acquisition of Autentik AS, a niche technology provider specializing in electric wireline fishing and intervention solutions. The acquisition is a strategic move by Welltec to expand its downhole well access capabilities and enhance its overall service offerings.

Autentik has a proven track record of delivering innovative solutions to its clients across North America, Europe, Africa, and the Middle East, and its expertise - particularly in the downhole fishing domain - will greatly complement Welltec's existing portfolio. With this acquisition, Welltec will be better positioned to serve its clients with the latest surface-controlled technology advancements and solutions. The current portfolio of services under Autentik already integrates seamlessly with Welltec's unique solutions - together with Welltec's manufacturing capabilities, the acquisition will bring an accelerated technology shift in how to conduct well access operations, safely and efficiently.

"We are excited to welcome Autentik into the Welltec family," says Tommy Eikeland, CCO Welltec. "There is a mutual admiration for innovation and understanding of risk-taking which, to a certain level, is required when developing new technology. We have only respect for the work done to build the company from the ground up. Together with their interventions expertise, this will add tremendous value and momentum to our organization and enhance our ability to provide our clients with cutting-edge solutions. We have already performed several jobs together and the advantages we can bring are evident. We look forward to working together to drive further growth and innovation in our industry."

'This partnership will bring Autentik's true passion for innovation and new solutions to transform wireline interventions together with Welltec's global reach and market leadership in Completion and Intervention, ' adds Roy Kristiansen, CEO of Autentik. 'This is a historic step in the life of Autentik, and a move that will benefit the clients and partners we work with. We couldn't ask for a better fit, and we look forward to joining the Welltec team.'

Autentik will operate as a wholly owned subsidiary of Welltec, and its employees will join the Welltec team. The financial terms of the acquisition are not disclosed.

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