About

As a producer of high end equipment for the oil and gas industry, Welltec has felt the effects of low oil prices over the past year. This has forced it to realign a number of its business priorities, a process which extends to the renegotiation of customer contracts and the setting up of a large number of new tenders for oilfield services. Welltec’s legal team, led by their chief legal officer Martin Skovbjerg, has been heavily involved in these renegotiations, and has also been active in supporting M&A activity, which saw the company sell a partial stake to outside investors. Despite the company operating in a challenging sector, their legal department has continued to innovate which has allowed them an edge over their business rivals. They have assisted in the creation of a new business unit focused on product sales to support the existing service business, which has resulted in the construction of a new factory and has enjoyed ‘remarkable growth’ over the past year. Alongside all of this, the legal team has been a ‘key driver’ in fostering a major change in corporate governance at Welltec, further evidence of their versatility and ability to achieve multiple objectives simultaneously.