27th Jun 2007 14:35
Expro International Group PLC27 June 2007 27 June 2007 EXPRO INTERNATIONAL GROUP PLC ("Expro") Expro signs LOI for the AX-S(TM) Lightweight Intervention System Expro International Group PLC today announces the signing of a Letter of Intentwith BP plc concerning the development and commercialisation of Expro's AX-Slightweight subsea wireline intervention system. This follows on from a JointIndustry Project that proved the design concepts of AX-S. Final contractual discussions between Expro and BP are underway, and uponsuccessful completion: Expro will build a fully engineered AX-S system andprovide operational capability to deploy and operate the first system; BP willprovide partial project funding and conduct field trials of the AX-S system onsubsea wells; and both parties will have agreed upon a contractual arrangementto further the introduction of this unique technology. The AX-S System will service the rapidly growing market for lightweight wellintervention services that diagnose production problems and improve productionfrom subsea wells. The goal is to reduce the "recovery gap" in reserves betweensubsea wells and those managed from platforms. Commenting on behalf of Expro, Graeme Coutts, CEO, said, "Today's announcementis the result of a focused engineering exercise over the last two to threeyears. 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 projectconception, continue to recognise the potential for AX-S in their long termvision of deepwater field management." - Ends - For further information please contact: Expro International Group PLC 0118 959 1341Graeme Coutts, Chief Executive Officer Michael Speakman, Finance Director Weber Shandwick Financial 020 7067 0700Nick Oborne / Rachel Taylor / Stephanie Badjonat Note to Editors Expro's business is well flow management. Expro is a leading provider ofproducts and services that measure, improve, control and process flow fromhigh-value oil and gas wells. Key niche businesses must be able to command andsustain market share leadership through a combination of technologicalpre-eminence and/or operational economies of scale. They will have a highknowledge and service content and will be able to anticipate, meet and exceedcustomers' expectations. With its head office in the UK, Expro employs more than4,000 highly-trained staff in 50 countries. For more information, please visitthe Expro website www.exprogroup.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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