Expro Enhances Well Integrity Offering With Acquisition of Distributed Fiber Optic Sensing Company

Rhea-AI Summary

Expro (NYSE:XPRO) has acquired SolaSense Ltd., a UK-based Distributed Fiber Optic Sensing (DFOS) company. This strategic acquisition enhances Expro's well surveillance capabilities, allowing for near real-time analysis of well data without extended shut-ins, thus minimizing production losses. The integration aims to extend the lifespan of wells while reducing operational costs, leveraging Expro’s 50 years of experience in well intervention. The acquisition positions Expro to offer a comprehensive service combining well evaluation and remediation solutions.

Positive

• Acquisition of SolaSense enhances Expro's well surveillance and monitoring capabilities.
• Integration allows for near real-time analysis of well data, minimizing production downtime.
• Combines Expro's 50 years of experience with SolaSense's innovative technology, creating a one-stop-shop service.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Leading provider of energy services, Expro (NYSE: XPRO) has acquired 100% of Distributed Fiber Optic Sensing (DFOS) company, SolaSense Ltd.

Steve Russell, Expro's Chief Technology Officer (Photo: Business Wire)

Based in the UK, SolaSense’s well surveillance technology features portable processing software and enhanced visualization interface for delivering near real time analysis of distributed acoustic sensing (DAS) / distributed temperature sensing (DTS) data at the well site. This allows well characteristics to be readily recognized and evaluated, avoiding the shut-in of wells for extended periods and minimizing lost production.

Combined with Expro’s 50 years of well intervention and integrity experience, this acquisition will allow Expro to meet industry demand to provide customers with a unique one-stop-shop service for the in-depth evaluation of the entire well and also the provision of any subsequent remediation solutions.

Expro’s DFOS offering monitors dynamic behavior in the well, providing a health check of the well and an accurate diagnosis of any well and reservoir issues.

Compared to traditional completion deployed applications of fiber optic technologies, DFOS can be deployed thru-tubing and used to analyse and evaluate well performance and integrity within hours of the completion of the survey providing greater insight of the dynamic behaviour of the well, to help customers make important time-sensitive decisions. Supported by DFOS, it can provide an enhanced cased hole offering and integrated slickline mechanical services all within Expro.

Steve Russell, Expro’s Chief Technology Officer, commented: “We are committed to delivering cost-effective, innovative technologies and solutions, and best-in-class safety and service quality performance to our customers, all while advancing our commitment to creating a more sustainable business and lower carbon future.

“Access to representative well data is key for making informed well performance and integrity decisions. This acquisition allows us to build on our existing well intervention and integrity portfolio, leveraging the expertise from both companies to extend our customer’s wells’ lifespan, while reducing time and costs. Led by a highly skilled and dedicated team with extensive industry experience, we look forward to building on our digital solutions and welcoming the SolaSense team to the Expro family.”

John Davies, SolaSense CEO, said: “The SolaSense ambition has always been to see distributed fiber optic logging being used widely as a simple and affordable means of well performance and well integrity monitoring. The integration of SolaSense’s technology and expertise into Expro’s existing global well intervention footprint will fast track the realization of this ambition, and more importantly add value for the end customers through the wider uptake of fiber-enabled slickline deployed DFOS surveys. The SolaSense team are very excited about this significant development and look forward to supporting Expro in the fast and efficient expansion of DFOS well logging.”

About Expro

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well integrity and intervention.

Founded in 1938, Expro has more than 6,500 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries with over 100 locations.

For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, subsea well access activity and delivering technical and operational regional requirements, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220314005646/en/

Expro – Hannah Rumbles +44 (0) 1224-796729

Source: EXPRO Group

FAQ

What is the purpose of Expro's acquisition of SolaSense?

The acquisition aims to enhance Expro's well surveillance capabilities and provide comprehensive solutions for well monitoring and remediation.

When did Expro acquire SolaSense?

Expro announced the acquisition of SolaSense Ltd. in March 2023.

How will Expro's acquisition of SolaSense impact its services?

The acquisition will allow Expro to offer a unique combined service that provides near real-time well data analysis, improving efficiency and reducing operational costs.

What is the significance of DFOS technology for Expro?

DFOS technology enables rapid monitoring of well performance and integrity, enhancing decision-making processes for customers.