Expro Strengthens North Sea Position With Integrated Well Intervention and Integrity Contract for Apache

Rhea-AI Summary

Expro (NYSE: XPRO) has secured a $50 million contract with Apache Corporation for well intervention and integrity services in the North Sea over three years, with two optional one-year extensions. The contract involves operations across Apache's Beryl and Forties assets, including new technologies like Octopoda and Distributed Fiber Optic Sensing. This agreement demonstrates Expro's long-term commitment to the UK continental shelf and reflects their ongoing partnership with Apache spanning two decades.

Positive

• Secured a $50 million contract with Apache Corporation, enhancing revenue.
• Investing in new equipment and technology for long-term commitment.
• Involvement of innovative technologies expected to improve service efficiency.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Energy services provider, Expro (NYSE: XPRO), has announced a new $50 million contract with North Sea operator Apache Corporation on its Beryl and Forties assets.

Expro's Hydraulic Intervention Pumping Services. (Photo: Business Wire)

The fully integrated well intervention and integrity services contract, which has a primary term of three years, and two one-year extension options, involves pumping and optimization operations across all of Apache’s North Sea assets, including Beryl Alpha and Bravo, and Forties Alpha, Bravo, Charlie, Delta and Echo.

Expro will provide integrated services to Apache, including slickline, e-line, cased hole, pressure pumping, and several of the company’s new innovative technologies, including Octopoda^TM, CoilHose, and Distributed Fiber Optic Sensing (DFOS) Slickline, with multi-skilled teams based in Aberdeen, Scotland.

The contract will see the company invest significant capital in new equipment and technology as part of its commitment to a long-term future on the UK continental shelf. The project is due to start early fourth quarter 2022.

Colin Mackenzie, Expro’s Regional Vice President of Europe and Sub-Saharan Africa, said:

“We are delighted to receive this award, which demonstrates the continuation of our longstanding relationship with Apache and long-term investment in the UK sector of the North Sea. The full scope of services for this campaign will be supported from Expro’s regional headquarters in Aberdeen.

“Expro have worked with Apache for two decades. We are committed to providing safe, efficient, and environmentally responsible services. We look forward to adding further value to Apache with the introduction of our latest well intervention technologies.”

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 believes 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 7,200 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 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/20221201005075/en/

MediaRelations@expro.com

Source: Expro

FAQ

What is the value of Expro's new contract with Apache Corporation?

Expro's new contract with Apache Corporation is valued at $50 million.

What services will Expro provide under the contract with Apache?

Expro will provide integrated well intervention and integrity services, including slickline, e-line, and pressure pumping.

Where will Expro's services for Apache be based?

Expro's services for Apache will be based in Aberdeen, Scotland.

What is the duration of Expro's contract with Apache?

The primary term of Expro's contract with Apache is three years, with two additional one-year extension options.

When is the contract between Expro and Apache expected to start?

The contract is due to start in early fourth quarter 2022.