WELLTEC A/S ANNOUNCES RECEIPT OF REQUISITE CONSENTS FOR ITS 9.5% SENIOR SECURED NOTES DUE 2022

Alleroed, DENMARK


WELLTEC A/S ANNOUNCES RECEIPT OF REQUISITE CONSENTS
FOR ITS 9.5% SENIOR SECURED NOTES DUE 2022

ALLERØD, Denmark (May 18, 2021) – Welltec A/S (the “Company”, “we”, “us” or “our”) today announced that it has received, pursuant to its previously announced consent solicitation (the “Consent Solicitation”), the requisite consents from the holders of its 9.5% Senior Secured Notes due 2022 (the “Notes”), to adopt the Proposed Amendments to the Indenture governing the Notes.

In conjunction with receiving the requisite consents for the Notes, a supplemental indenture to effect the Proposed Amendments described in the Consent Solicitation Statement, dated May 11, 2021, has been executed (the “Effective Time”). A holder’s right to validly revoke delivered consents expired at the Effective Time. The Consent Solicitation will expire at 5:00 p.m., New York City time, on May 18, 2021 (the “Expiration Time”).

The Company will pay to the holders of outstanding Notes who delivered valid consents prior to the Expiration Time, and who did not validly revoke such consents prior to the Effective Time, a cash payment of $2.50 per $1,000 principal amount of the Notes (the “Consent Fee”) for which consents have been delivered by such holder. Any subsequent transferees of such holders, and any holders who did not timely deliver (or who revoked) a valid consent (and their transferees) will not receive the Consent Fee. All capitalized terms used in this press release but not defined herein have the meaning given to them in the Consent Solicitation Statement.

Copies of the Consent Solicitation Statement may be obtained from Lucid Issuer Services Limited, the Information and Tabulation Agent, at +44 20 7704 0880, or email at welltec@lucid-is.com. Any persons with questions regarding the Consent Solicitation should contact the Solicitation Agent, Goldman Sachs International, at +44 207 552 6157 (email: liabilitymanagement.eu@gs.com).

About Welltec A/S

Welltec was founded in 1994 and is today a global leader in oil & gas well robotic intervention and maintenance as well as in metal expandable isolation & integrity packers. Within these two categories, Welltec has significant global market shares with both technology portfolios having a significant green environmental effect for their users. In the last three years, the company has also entered the geothermal and carbon capture & storage markets.

Welltec is a global company with approximately 800 employees across 38 offices and operating bases in 22 countries.

Welltec has recently established a multi-year collaboration with the US Department of Energy developing technologies for geothermal wells. The company also expects to be able to draw on its extensive experience with solutions for oil and gas wells in connection with carbon capture and storage.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives and future performance and business. You can identify these statements by the fact that they do not strictly apply to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “should,” “will,” and other words and terms of similar meaning in connection with any discussion of the timing and nature of future operating or financial performance or other events. All statements other than statements of historical fact included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements.

These forward-looking statements are based on our expectations and beliefs concerning future events affecting us and are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many or which are beyond our control. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. Any of our forward-looking statements included in this press release may turn out to be wrong. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the date in which it is made, and except as required by law we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

For further information, please contact:

Søren Søgaard Suhr, Chief Financial Officer, Welltec A/S
Mail: ssuhr@welltec.com
Phone: +45 2034 0488