Expro announced the signing of a $100 million, multi-year contract with TS Marine Asia Pacific, to supply the Havila Phoenix vessel, together with ROV and other associated services, to deploy the AX-S™ subsea well intervention system.
The broad technical capability of the AX-S system (pronounced 'access') is now on the threshold of commercial availability globally to all subsea operators. The signing of this significant contract highlights Expro's commitment to the future development of its people, technology and infrastructure to position itself for subsea and deepwater growth opportunities.
AX-S is a unique, remotely-operated, inherently safe and cost-effective intervention system which will change the way in which oil and gas companies can access and intervene on their subsea well stock at any depth, improving their cash flow and minimizing risk.
There are approximately 4,000 oil and gas producing subsea wells across the globe and this number is ever increasing. With many now over a decade old, these wells require 'servicing' to allow for maximum oil and gas recovery. Current methods generally require the use of a rig which is a time-consuming, costly activity, especially with rig costs running at up to $1 million a day.
The AX-S system will be remotely operated from a mono hull vessel and can be rapidly deployed to virtually any subsea well, in any water depth. This allows Expro's AX-S system to provide a safer and more cost-effective alternative to what is available today.
Improved safety has been a key driver in the development of AX-S and the system, its deployment and operation incorporate many unique and inherently safer design features. The entire AX-S well intervention system is deployed on to the subsea well head within a completely self-contained pressure envelope, removing any leak potential.
Expro's AX-S managing director David Shand said, "I am extremely pleased to have signed this important contract with our new vessel and subsea support partner, TS Marine Asia Pacific, bringing AX-S to the brink of deployment. I am confident that both companies will become a successful team globally and our plans for AX-S will allow us to safely deliver subsea operations to the highest standards for our customers."
TS Marine Asia Pacific's chief executive John Edwards said, "TS Marine is very pleased to enter into this important contract with Expro and the AX-S technology. We believe we will prove the ideal partner for Expro's well intervention strategy by combining our integrated services of vessel, ROV, subsea positioning and marine operations with our own well intervention experience from ongoing operations in Asia Pacific."
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