Expro Takes Order Book to Record $1.2B
Expro International Group PLC on Thursday announced the award of contracts totaling 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 recognized 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.
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."
Expro's business is well flow management, providing products and services that measure, improve, control and process flow from high-value oil and gas wells.
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