Expro International Group PLC
31 May 2007
31 May 2007
EXPRO INTERNATIONAL GROUP PLC
("Expro" or "the Group")
Expro secures new contracts worth US$400m (£200m), taking order book to a record
US$1.2bn (£600m) and announces the winning of a second RoSPA sector award
Expro International Group PLC ("Expro" or the "Group") today announced the award
of contracts totalling US$400 million across both its Global and Regional
Businesses.
In the Global Businesses, where Expro has strong technical positions, US$50
million of new business was secured in the subsea segment, spread geographically
across all areas. These awards are predominantly with blue chip international
oil and gas operators looking to increase their focus on finding and developing
reserves from deepwater areas. The contracts span Expro's high specification
subsea tools as well as seabed instrumentation and connectors. An additional
US$50 million of new business has also been secured in the Production Solutions
segment for the provision of Early Production Facilities with notable awards in
Brazil on the Siri project and in Indonesia for Rubicon.
In the Regional Businesses, where Expro now enjoys enhanced presence following
the Power Well Services acquisition, the Group provides products and services on
a call-off basis from a comprehensive global infrastructure. Total new Regional
contract awards came to US$300 million. All geographic regions enjoyed contract
wins with the most notable being a new, four year multi-service contract with
Petrobras in Brazil, the first with this key customer in Expro's history.
The total of these awards has helped Expro achieve a record order book, which
now stands at US$1.2 billion across the Group. Conversion of the backlog to
revenue varies from contract to contract, with some phased out over three to
five years improving the visibility of future revenue streams.
Expro has again been recognised for performance in health and safety, winning
the prestigious RoSPA oil and gas industry sector award for the second
consecutive year. This achievement has been made during a year of significant
change, including the acquisition of PWS, requiring the extension of our health
and safety culture to a considerably enlarged workforce.
Commenting on today's announcement, Group CEO Graeme Coutts said: "Expro places
a great deal of emphasis on customer care in carrying out our strategy. The
acquisition of PWS has given us an increased customer base and new geographic
opportunity. This has enabled the Group to establish a record order book
confirming the strength of our approach. Expro's global customer portfolio now
shows a healthy balance between international and national customers. This
position will allow Expro to distribute our technology more effectively and help
our customers meet the increasing challenges of finding and exploiting their oil
and gas reserves."
- Ends -
For further information please contact:
Expro International Group PLC On 31 May 2007: 020 7067 0700
Graeme Coutts, Chief Executive Officer Thereafter: 0118 959 1341
Michael Speakman, Finance Director
Weber Shandwick Financial 020 7067 0700
Kirsty Raper / Rachel Taylor / 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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