Expro announces $2bn order book
Dubai, May 5, 2014
International oilfield services company, Expro, has announced a $2 billion order book for the first time as the company's celebrates its 40 years of operation.
Expro attributed this success 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, said the company in a statement.
Expro continues to build on its exceptional financial performance. 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 $2.5 million 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 is set to make a $16.5 million investment in new bases and infrastructure upgrades including; North Africa, Angola, Saudi Arabia, UK, Norway, Azerbaijan, Congo and Alaska.
COO Mike Jardon said: '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," he noted.
“As a result of our success, we continue to invest nearly $25 million in our global operations bases, ensuring we can deliver the highest levels of service quality, whilst maintaining our reputation for flexibility and responsiveness," he added.-TradeArabia News Service