Welltec, a leading provider of robotic intervention services and completion solutions to the oil and gas industry, today announced a finance agreement with the European Investment Bank to contribute to the development of Welltec’s advanced robotic solutions.

The EUR 25 million finance agreement will contribute to Welltec’s development of robotic intervention services and completion solutions and will allow Welltec to continue in its technological leadership position in international markets, as it continuously innovates to reduce well construction times, speed up access and increase reservoir contact to extend the productive life of wells as they become challenging to develop and maintain.

This is the first transaction by the European Investment Bank in Denmark supported by the new generation of financial instruments for innovative and growth companies “InnovFin – EU Finance for Innovators”, with the financial backing of the European Union under Horizon 2020.

Welltec is a leading provider of robotic intervention services and completion solutions to the oil and gas industry, providing the world’s major oil and gas companies with cutting-edge technology to increase production and recovery in a safer and more sustainable way. In 2013, it operated across 28 countries with a workforce of over 1,000 and achieved revenues of USD 321 million and EBITDA of USD 135 million.

The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Bruun & Hjejle acted as legal counsel to Welltec.