Expro Wins Over $50 Million in Subsea Well Contracts for Asia/Australia

Rhea-AI Summary

Expro (NYSE: XPRO), a leader in energy services, has won four major subsea well access contracts in South East Asia and Australia, valued at over $50 million. The contracts include projects in Australia for abandonment of 18 subsea wells and a new integrated program for subsea development, as well as two substantial contracts in Malaysia. Expro's strong operational performance and extensive experience contributed to securing these projects, reaffirming its leading position in the growing subsea market.

Positive

• Secured four significant subsea well access contracts worth over $50 million.
• Contracts include multi-million dollar projects for abandonment and new subsea development in Australia.
• Awarded contracts in Malaysia due to outstanding operational performance in prior deepwater campaigns.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Leading provider of energy services, Expro (NYSE: XPRO), has secured four significant subsea well access contracts in South East Asia and Australia worth in excess of $50 million.

The company has won two contracts in Australia and two in Malaysia.

In Australia, Expro has been awarded a multi-million dollar contract for the abandonment of 18 subsea wells and the removal of open water production trees. The project will require Expro to deliver an integrated subsea solution, including its industry-leading Intervention Riser System (IRS), to access the wells and undertake plug and abandonment work.

Also in Australia, Expro has been commissioned to deliver an integrated program for a new subsea development. The major contract will include the delivery of a complete subsea completion landing string package and a bespoke high-rate surface well test system.

In Malaysia, Expro has been awarded a seven-figure contract for the provision of large bore electro hydraulic subsea landing string equipment for a new subsea deepwater campaign. Expro was selected due to its outstanding operational performance on similar campaigns in the area during 2019 and 2020.

Also in Malaysia, Shell has awarded Expro a substantial contract for the provision of a subsea landing string integrated package for the Gumusut-Kakap deepwater field. The contract is for a fixed scope of work on four development wells.

Graham Cheyne, Expro’s Vice President of Well Access and Subsea, commented: “The award of these significant contracts enhances our strong reputation as a global leader in the subsea well access space and allows us to further demonstrate our capabilities in the growing Asian and Australian markets. This follows the broadening of our subsea intervention capabilities during 2019 and 2020, with the completion of successful IRS deepwater operations in Mauritania.’

“As activity in the international subsea oil and gas sector increases following several challenging years, our unique and integrated service portfolio, together with industry recognised expertise and operational excellence, places Expro in a very strong position to support all of our client’s subsea well access activity.”

Mrinal Vohra, Expro’s Region Vice President of Asia Pacific, added: “Expro’s excellent safety record, coupled with our service quality performance and extensive operational knowledge in Asia and Australia, ensures we can safely deliver technical and operational excellence to customers in this region. We look forward to executing the work scope associated with these multiple contract awards to enhance our already strong position in the subsea market.”

ENDS

Notes to Editors:

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/20211130005103/en/

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

Source: EXPRO Group