Expro Leads the Largest Surface Well Testing Operation in Norway
- Securing a long-term contract with Equinor demonstrates stability and growth potential for Expro (XPRO). The emphasis on low carbon operations aligns with the global shift towards environmentally friendly practices, positioning Expro as a forward-thinking and responsible service provider.
- The potential for three two-year extensions may lead to increased financial commitments and operational challenges for Expro (XPRO) if market conditions or client requirements change. The reliance on a single client, Equinor, for a substantial portion of operations may pose a risk in terms of revenue diversification.
A demonstrable commitment to a low carbon plan helps secure contract
Expro's modular well test clean-up package (Photo: Business Wire)
The Corporate Frame Agreement will see a substantial delivery of well testing operations in the NCS from a single service provider, across the Barents, Norwegian and North Sea. Expro will deliver the contract using its multi-disciplined local team in Stavanger, supported by its Fluids centre of excellence in Haugesund.
The four-year contract, with the potential of three two-year options, builds on the company’s previous seven-year agreement. The scope of work includes well flow management and production optimization services to enhance Equinor’s assets across completion, intervention, production, and abandonment operations.
Building on the Corporate Frame Agreement, the work scope will see the delivery of hydraulic intervention well services using Expro’s innovative CoilHoseTM Light Well Circulation System (LWCS) that is designed to provide a more efficient and lower operational carbon footprint approach to operations.
A significant portion of the contract is directly linked to a demonstrable commitment to a low carbon plan, allowing Expro implement its environmental capabilities with Equinor and further enhance the strength and depth of this partnership.
Iain Farley, Expro’s Regional Vice President of
"The contract award is an excellent example of how we continue to build on our collaborative engagement with Equinor. The ongoing seven-year contract has allowed us to work together to drive value through production optimization that encapsulates our ability to reduce our carbon footprint at all stages of project delivery.
“The strong relationship that has created this opportunity for growth demonstrates the ability and commitment of our team as we continue to provide what we believe to be best-in-class project delivery.
“We take pride in employing a local workforce in Expro Norway AS and will continue to invest in our people, bringing new talent to our operational team, to continue to deliver the performance this important client expects of Expro.”
NOTES TO EDITORS:
About Expro
Working for clients across the well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be 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 intervention and integrity solutions.
With roots dating to 1938, Expro has approximately 8,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.
For more information, please visit: expro.com and connect with Expro on X (formerly 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, the Company’s environmental, social and governance goals, targets and initiatives, and future growth, 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, historical practice, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231122190029/en/
Source: Expro
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