Petro Welt Technologies AG: Revenue forecast reduced

Vienna, October 12, 2020
The oilfield service industry is currently suffering from a continuing change of customers' drilling and intensification programs on the reduction of production plans in accordance with OPEC+ commitments and expectations of further oil price volatility. In addition, restrictions related to COVID-19 remain as a constraining factor. This global trend is also affecting the markets with Petro Welt Technologies AG's presence. The company's financial situation is also impacted by the devaluation of the ruble that took place in September 2020. As of today, the exchange rate of the ruble versus the euro fluctuates around the level of RUB 90 per euro. Thus, Petro Welt Technologies AG has reduced its forecast of the annual revenues of the fiscal year 2020 from EUR 275-282 million to EUR 265-270 million, depending on the exchange rate volatility at the end of 2020.

About Petro Welt Technologies AG
Petro Welt Technologies AG, which is domiciled in Vienna is one of the leading and first established OFS companies in Russia and the CIS and is specialized in services which increase the productivity of new as well as existing oil & gas formations.

Contact
Konstantin Huber (be.public)
Investor Relations
T: +43 1 503 2 503-29
huber@bepublic.at