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Expro Awarded Subsea Contract With FMC Technologies In Norway

28 November 2008

28 November 2008

International oilfield service company Expro has been awarded a subsea landing string service contract from FMC Technologies (NYSE: FTI). The 5-year contract covers support to FMC's subsea work for StatoilHydro ASA, and has options for assignment to other clients in FMC's portfolio.

This is the second occasion that Expro has secured this contract structure which will fully execute all the company's large bore subsea capabilities, including maintenance and service of end client equipment. The scope of work covers the entire Norwegian Continental Shelf and secures Expro's Bergen base for the foreseeable future. The new contract is aimed at fostering a closer relationship between Expro and FMC.

The contract, which includes a two-year extension option, is worth approximately NOK 250 million, with another NOK 100 million for the option period. The initial contract is expected to be completed in March 2013 and, if options are secured, the contract will run until end March 2015.

Expro's Chief Operating Officer Gavin Prise, said: “We have enjoyed an excellent working relationship with FMC for many years and are delighted to have secured this significant contract for a second time. This is an excellent result for the team who have consistently proved their position as the leading well test company in Norway.

“This contract gives us stability and a firm foundation to build the organisation and strengthen our team to fully support FMC's needs. We look forward to working with FMC again to provide large bore subsea services for their Norwegian operations.”