Expro Announces Contract Win Success

05 July 2010

Leading international oilfield service company Expro today announces contract wins worth £250million across its operations worldwide.

Expro, which provides well flow management solutions to the global oil and gas industry, has experienced a period of significant activity in the North Sea, and today reveals a global order book of over £700million.

Expro Chairman and Chief Executive Officer Graeme Coutts said: “Though the market has experienced a downturn and operator activity has been slow, we are now seeing the predicted recovery, with an upturn in contract activity across our regional operating structure and across many of our global product lines, which is very encouraging.

“Expro’s teams across the world have secured some significant contract wins with both new and existing customers, reinforcing our position as a leading provider of the products, services and expertise required to help develop even the most challenging reserves. Our commitment to developing solutions to technical hurdles is again evidenced by a record level of investment in technology development.”

Contract activity

In the North Sea, Expro has recently won contracts and extensions worth over £100million. These wins in the North Sea underline a more positive outlook in this declining but stable region. Customers are increasingly interested in enhanced recovery from their older existing assets, which is now becoming a global phenomenon.

Contract highlights across Expro include:

- In Europe, a range of well test, subsea and wireline projects across the UK, Norway, Continental Europe and the CIS. Recent UK contracts alone are worth £25million
- In West Africa, contracts secured in Ghana, Cameroon, Nigeria and the Congo, including significant work with Expro’s subsea safety systems, reinforcing Expro’s market-leading position for delivering safety and reliability in deepwater
- In the Middle East & North Africa region, work secured in Algeria, Saudi Arabia, Egypt and Libya, utilising subsea, wireline and well test services, including specialist data acquisition, drill stem testing and fluids sampling services
- In the global subsea Connectors & Measurements business, Expro has been awarded multi-million-pound contracts for its Tronic subsea connection systems in Brazil, reflecting demand for reliable communications in deepwater projects
- In Latin America and in Asia regions, Expro continues to invest in people, facilities and equipment to further strengthen its relationship with customers, resulting in the award of major subsea and well test contracts

Graeme Coutts said: “While there is no doubt that business has been challenging, I am very pleased with progress at Expro as we continue to outperform many of our peers across a difficult market place. Over recent months, Expro has displayed strong characteristics despite the economic environment.

“We are accelerating our investment in the people, technology and regional infrastructure that will ensure we are close to our customers and can work with them to plan and overcome the challenges faced by the industry through this decade and beyond. These investments will ensure that Expro is well positioned to serve the market and maximise the benefits of the medium to long-term fundamentals which remain robust.”