International oilfield services company, Expro, continues to build on its exceptional financial performance by announcing a $2bn order book for the first time.
This milestone was achieved at the end of Expro’s 40th anniversary year, thanks to a number of contract wins, including almost $500m in the last quarter alone.
Expro attributes this success due to its market-leading position in deep water well testing and subsea landing string services, the re-emergence of its production systems business and the strengthening of its position in the Gulf of Mexico and Middle East. This is combined with important contributions across its six global regions.
The company’s North America order book increased significantly with a number of key large bore subsea completion landing string and offshore well testing contracts for major international and smaller independent companies. As a result of these wins, Expro is making some strategic investments in the North America market, which includes a $2.5m expansion of its operational facility in Broussard, Louisiana.
The company’s Middle East region grew considerably with stronger positions in Algeria, Saudi Arabia and the Kurdistan region of Iraq, as a result of key land based well testing and early production facility contract wins. These contracts will provide Expro with the opportunity to introduce a range of new technologies, products and services into these Middle East markets.
Expro’s European business received a welcome boost from a number of contract extensions in the North Sea as a result of continued customer recognition of the company’s technology, service quality and track record. These extensions were supplemented by important large bore subsea completion landing string contracts in Azerbaijan and also the UK.
In Sub-Saharan Africa, the company bolstered its position in Ghana and Angola, through additional well test and large bore subsea completion landing string contracts. It also made significant progress in South East Africa, Chad and a number of other Central West African countries. Across the region, the company now have a number of fully integrated exploration and appraisal well testing contracts, from land to deepwater locations, plus a number of early production facilities that are accelerating first oil production from client fields.
Expro’s business in Asia strengthened throughout the year with new contract wins and extensions in Indonesia, Australia, Brunei and Thailand. The contracts included a range of slickline, well testing, clean-up, production enhancement, fluid sampling and analysis, and clamp-on metering services.
Whilst the Latin America region’s growth remains constant, this is being supported by $5.6m investment in a new operational base in Macae. This will host the region’s full range of product lines, demonstrating a commitment to expanding operations in this major growth area.
In addition to Broussard and Macae, a further $16.5m investment is being made in new bases and infrastructure upgrades including; North Africa, Angola, Saudi Arabia, UK, Norway, Azerbaijan, Congo and Alaska.
With solid growth prospects for the oilfield service sector, Mike Jardon, COO, comments on Expro’s achievement, “I am delighted to see Expro’s performance continue in 2014, which is testament to the hard work undertaken across our global regions and product lines. This year has delivered a record year of contract wins and as a result we sit with record order books for our North America, Middle East & North Africa, Europe & CIS and Asia regions, as well as our Well Test and Subsea product lines. As a result of our success, we continue to invest nearly $25million in our global operations bases, ensuring we can deliver the highest levels of service quality, whilst maintaining our reputation for flexibility and responsiveness. At the forefront of our operations is our commitment to championing safety, which has allowed us to achieve our strong safety performance. Key areas of focus have demonstrated clear results, such as reducing wireline breaks by nearly 50% in the past year. Our performance, future investment and record order book, all combine to position us well for the next financial year.”
Expro will be exhibiting at Offshore Technology Conference (OTC) in Houston on stand 3933 from 5-8 May 2014.
In combination with a range of technical presentations, Expro will feature a range of product lines; Subsea, DST/TCP, Well Integrity and Intervention (including SafeWells), Well Testing, Equipment Sales, Expro Meters, Wireless Well Solutions and Expro PowerChokes.
Expro – Kay Marshall +44 (0) 1224 225700
Fifth Ring – Hannah Blewett +44 (0) 1224 626288
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