Expro Signs LOI with BP for Wireline Intervention System
Expro International Group has signed a Letter of Intent with BP concerning the development and commercialization of Expro's AX-S lightweight subsea wireline intervention system. This follows on from a Joint Industry Project that proved the design concepts of AX-S.
Final contractual discussions between Expro and BP are underway, and upon successful completion: Expro will build a fully engineered AX-S system and provide operational capability to deploy and operate the first system; BP will provide partial project funding and conduct field trials of the AX-S system on subsea wells; and both parties will have agreed upon a contractual arrangement to further the introduction of this unique technology.
The AX-S System will service the rapidly growing market for lightweight well intervention services that diagnose production problems and improve production from subsea wells. The goal is to reduce the "recovery gap" in reserves between subsea wells and those managed from platforms.
Commenting on behalf of Expro, Graeme Coutts, CEO, said, "Today's announcement is the result of a focused engineering exercise over the last two to three years. AX-S will offer a 'step change' in well flow management of subsea wells. We are delighted that BP, who have jointly worked with us from initial project conception, continue to recognize the potential for AX-S in their long term vision of deepwater field management."
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