Expro Adds to Order Book
Expro announces additional contract awards valued at over US $50 million. The awards are in addition to the US $300 million announced in the pre-close trading statement issued on September 25, 2007.
Three new contracts have been secured in the Asia region. The first is with Total in Indonesia where Expro will provide mechanical wireline services in support of the Sisi Nubi project. The two other wins in this region include a contract via Expro's recently formed joint venture with COSL (China Oilfield Services Ltd) in support of Husky's deepwater exploration program offshore China, and a further well testing contract for Thang Long in Vietnam. In the deepwater program for Husky, Expro will complement the excellent local capability of COSL with our propriety deepwater subsea safety systems.
In Latin America our Production Systems group has been instrumental in engineering a well testing package to be permanently installed on a dedicated well testing boat. The contract is with ESLP, in support of Pemex's well commissioning, testing and clean-up operations.
The total value of these contracts in their initial terms is over US $50 million. Contracts are due to commence late in this financial year with revenues phased over the coming five years.
Graeme Coutts, Chief Executive Officer, commented: "I am very pleased to be able to announce these new high value contract awards. This additional US $50 million has come quickly after our pre-close trading statement and brings the total value of contract awards announced in the last two months to over US $350 million. These contracts highlight the strength of our service portfolio and the value of our enhanced global infrastructure. This is further evidence of Expro's robust international position in the global upstream sector."
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Company: Expro International Group more info
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