Welltec has secured an exclusive three-year contract by Petronas to be the sole provider of downhole conveyance and powered mechanical services in both East and West regions of Malaysia. The agreement officially commenced on April 1, 2021. This is the third new contract that Welltec has secured from Petronas, following the contracts awarded in 2014 and 2017, with an extension exercised in 2019.
The main difference between the new contract and the older contracts is the expansion of the geographical scope of the new contract from Sarawak and Sabah (East Malaysia) to include all Petronas assets in the region. The entire Welltec intervention portfolio will be used as a part of the new contract. The contract includes new services such as the reverse circulating bit (RCB) and a variety of well cutter sizes.