Expro International Group PLC
09 July 2003
NEWS RELEASE
Embargoed until 07.00 9 July 2003
Expro International Group PLC
AGM Statement
Expro International Group PLC ("Expro" or "the Group") will be holding its AGM
at 11.00am today at its offices in Reading. Dr Chris Fay, Chairman will be
making the following comments on current trading, contract awards and Board
changes:
"Since the preliminary results statement on 4 June 2003, trading continues in
line with expectations.
The Group has successfully renewed several major contracts in the North Sea
market worth £17m over the coming two years, covering a broad range of
production enhancement related services.
In the Gulf of Mexico our ultra deepwater electro hydraulic subsea tools are
gaining increasing usage with clients such as ConocoPhillips, on the Magnolia
project, and will see further utilisation in the forthcoming multi-well campaign
for Pioneer Natural Resources, scheduled for the second half of the year.
Despite unchanged conditions in the Gulf of Mexico offshore market, progress is
being made with our Excape perforating technology in the more buoyant land
market. The anticipated uptake of Excape has gathered pace with recent project
awards by Marathon Oil, BP and Shell, totalling £2m.
The Quantx joint venture has been well received by our clients. Enquiries and
tendering activity has increased in line with general market demand and the
increased distribution provided by our partner, Baker Hughes Inc, with recent
contract awards totalling over £6m.
In addition, the Board announces that John Dawson will be retiring on 30
September, 2003 after completing 23 years service with the Group, 12 years as
Chief Executive. Graeme Coutts, formerly director of Western Hemisphere
Operations and an executive director since 1995, has been appointed to the role
of Chief Executive designate. Graeme has been with Expro for 13 years in a
variety of technical, marketing and operational roles and the Board is delighted
that it has been able to appoint such an able successor to John.
John has played a leading role in Expro's performance since 1980 when he first
joined the Group as Finance Director and since becoming Chief Executive in 1991
he has had a defining role in the Group's development. The Board would like to
take this opportunity to acknowledge John's 23 years with the Group and to thank
him for his valuable contribution towards the growth of Expro.
The Board is also pleased to announce the appointment of Mark Thatcher, who
today succeeds Graeme as President Expro Americas Inc. Mark was previously for
many years President of ABBVetco Gray Inc."
- Ends -
For further information, please contact:
Expro International Group PLC 0118 959 1341
John Dawson, Chief Executive
Eric Woolley, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Tim Jackaman, Rachel Taylor
This information is provided by RNS
The company news service from the London Stock Exchange
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