Expro International Group PLC
05 February 2008
5 February 2008
EXPRO INTERNATIONAL GROUP PLC
("Expro" or "the Group")
Expro announces an LOI for the joint marketing and operation of light well
intervention services
Expro today announces the signing of a letter of intent (LOI) with Aker Oilfield
Services Ltd to jointly market its proprietary AX-S rigless intervention
technology together with Aker Oilfield Services' state of the art fleet of well
intervention vessels.
The intent is to develop, subject to agreeing final terms, a global alliance
relationship for all markets which will allow customers to procure the combined
capabilities of Expro and Aker Oilfield Services in a seamless, integrated and
fully aligned manner. Expro will bring its proprietary AX-S well intervention
technology to the alliance, extensive global operating capability and
comprehensive track record of global subsea well operations. Aker Oilfield
Services is investing in a fleet of state of the art subsea intervention vessels
due for delivery from 2009, and will bring its extensive knowledge of subsea
operations.
Both companies intend to leverage the extensive capabilities within their
respective companies to develop a comprehensive, market leading offering for the
rapidly emerging subsea development and production markets.
Graeme Coutts, CEO of Expro International Group, said:
"Expro is recognised for innovation and quality in the important subsea
technology market segment. The AX-S rigless intervention system, which is
currently under development, is recognised as having the potential to greatly
assist our customers as they strive to reduce deepwater project costs and
recover additional reserves from their assets. Today's announcement marks a
further step towards commercialisation of AX-S and sends a clear message to our
customers that Expro and Aker Oilfield Services are jointly focused on
delivering step-change performance and complete solutions for their subsea
challenges."
Per-Ola Baalerud, CEO of Aker Oilfield Services, said:
"Aker Oilfield Services has developed its well intervention service offering in
close dialogue with potential customers, partners and third party suppliers,
since the company was established in 2006. The letter of intent with Expro comes
as a result of a thorough evaluation of the available and planned technologies
for deepwater subsea wireline intervention - supported by valuable operational
experience gained by our partners."
- Ends -
For further information please contact:
Expro International Group PLC 0118 959 1341
Graeme Coutts, Chief Executive Officer
Michael Speakman, Finance Director
Edward Cutts, Investor Relations
Weber Shandwick Financial 020 7067 0700
Nick Oborne / Rachel Martin / Stephanie Badjonat
Notes to Editors
Expro's business is well flow management. Expro is a leading provider of
products and services that measure, improve, control and process flow from
high-value oil and gas wells. Key niche businesses must be able to command and
sustain market share leadership through a combination of technological
pre-eminence and/or operational economies of scale. They will have a high
knowledge and service content and will be able to anticipate, meet and exceed
customers' expectations. With its head office in the UK, Expro employs more than
4,000 highly-trained staff in 50 countries. For more information, please visit
the Expro website www.exprogroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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