Welltec becomes largest shareholder of Isealate AS

Source: press release, 24 May 2022

Chief Commercial Officer at Welltec, Tommy Eikeland
Chief Commercial Officer at Welltec, Tommy Eikeland (photo: Welltec)

Welltec® A/S has announced the start of an exciting and exclusive partnership with Isealate AS.

Welltec is now the largest shareholder of Isealate, and will be exclusive global partner to the innovative company based in Stavanger, Norway, providing patented patch-thru-patch technology.

Chief Commercial Officer at Welltec, Tommy Eikeland, states, “Well leaks and damages are among the primary concerns raised by our customers during the intervention and workover phase. This acquisition perfectly complements our existing technology portfolio and adds a new dimension in terms of metal expandable capabilities. Once fully integrated, we will be able to set patches and Welltec Annular Barrier technology on either wireline or drill pipe, providing our customers with the ultimate re-lining and repair solutions for well integrity.”

Isealate AS Founder and Board Member, Bengt Gunnarsson, was also available for comment, saying, “The integration with Welltec will allow us to bring our unique technology to more operators and deliver it through a global partner with a proven track record. In the meantime, this enables our team to fully focus on further development of the unique patch technology.”

“Welltec has a truly international field service organisation and management support structure, along with unique engineering, mechanical and electronic capabilities, combined with in-house manufacturing capacities, which made them the obvious partner choice,” adds Gunnarsson.