EQS-News

Q1–3 2022 results of Petro Welt Technologies AG: Increased Group revenue due to strengthened fracturing activities and positive development in the Drilling, Sidetracking, and IPM segment

EQS-News: Petro Welt Technologies AG / Key word(s): Quarterly / Interim Statement/9 Month figures Q1–3 2022 results of Petro Welt Technologies AG: Increased Group revenue due to strengthened fracturing activities and positive development in the Drilling, Sidetracking, and IPM segment 22.11.2022 / 22:00 CET/CEST The issuer is solely responsible for the content of this announcement. PRESS RELEASE

 

Q1–3 2022 results of Petro Welt Technologies AG: Increased Group revenue due to strengthened fracturing activities and positive development in the Drilling, Sidetracking, and IPM segment

 

• In the first nine months of 2022, consolidated revenue of the PeWeTe Group increased to EUR 229.8 million (Q1–3 2021: EUR 168.5 million).
• Revenue in the Well Services and Stimulation segment increased by 60.0% compared to 2021 and reached EUR 110.1 million in the first nine months of 2022 (Q1–3 2021: EUR 68.8 million).
• In the Drilling, Sidetracking, and Integrated Project Management (IPM) segment, revenue amounted to EUR 110.6 million in the first nine months of 2022 (Q1–3 2021: EUR 90.4 million), up 22.3%.
• The Company’s operations under the joint venture in Oman were terminated and the subsidiary PEWETE EVO SERVICES LLC will be liquidated.
• The sale of the Russian-based subsidiaries was completed at the end of August.

 

Vienna – November 22, 2022

Due to the disposal of the Russian subsidiaries, the revenues of these companies (as well as the operating costs and all other expenses) are only included for eight months of 2022.

 

As a result of the increase in oil production and the increase in quotas under the OPEC+ agreement, revenue in the Well Services and Stimulation segment for the first nine months of 2022 reached EUR 110.1 million (Q1–3 2021: EUR 68.8 million). The year-on-year growth achieved is mainly due to the increase in the number of jobs and revenue per order.