Expro AX-S Technology Limited (Expro), a subsidiary of Expro International Group Holding (UK), has signed a Letter of Intent with Cecon ASA to agree, subject to contract, to a 5+5 year charter of its first newbuild VS4220 vessel to be used as a work platform for Expro's state-of-the-art Subsea Well Intervention system AX-S.
Expro is developing a new generation deepwater well intervention system with a unique tooling package to be deployed from a mono hull vessel. Expro's step-changing subsea well intervention system -- AX-S -- will break new ground in the oil and gas industry when it comes to the market, bringing efficient riser-less well intervention in up to 10,000ft of water. Thereby increasing recoverable reserves and production from deepwater wells.
The market potential for this product is expected to be high with requirements for a number of vessels in the years to come.
Through the Letter of Intent, Expro has selected Cecon ASA as its vessel partner, not only for this first letter of intent contract, but also to develop further vessel opportunities.
Cecon ASA will provide its first vessel of the VS 4220 class, presently being built at Davie Yards in Quebec, Canada, as a platform for this new and innovative Well Intervention System. Cecon ASA has obtained attractive commercial conditions with incentives linked to utilization on this long term charter, expected to start in April 2010.
Cecon will also provide marine operation services in connection with the operations.
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