Engage Xr Regulatory News (EXR)

5 Feb 2008 07:00

Expro International Group PLC05 February 2008 5 February 2008 EXPRO INTERNATIONAL GROUP PLC ("Expro" or "the Group") Expro announces an LOI for the joint marketing and operation of light well intervention services Expro today announces the signing of a letter of intent (LOI) with Aker OilfieldServices Ltd to jointly market its proprietary AX-S rigless interventiontechnology together with Aker Oilfield Services' state of the art fleet of wellintervention vessels. The intent is to develop, subject to agreeing final terms, a global alliancerelationship for all markets which will allow customers to procure the combinedcapabilities of Expro and Aker Oilfield Services in a seamless, integrated andfully aligned manner. Expro will bring its proprietary AX-S well interventiontechnology to the alliance, extensive global operating capability andcomprehensive track record of global subsea well operations. Aker OilfieldServices is investing in a fleet of state of the art subsea intervention vesselsdue for delivery from 2009, and will bring its extensive knowledge of subseaoperations. Both companies intend to leverage the extensive capabilities within theirrespective companies to develop a comprehensive, market leading offering for therapidly emerging subsea development and production markets. Graeme Coutts, CEO of Expro International Group, said: "Expro is recognised for innovation and quality in the important subseatechnology market segment. The AX-S rigless intervention system, which iscurrently under development, is recognised as having the potential to greatlyassist our customers as they strive to reduce deepwater project costs andrecover additional reserves from their assets. Today's announcement marks afurther step towards commercialisation of AX-S and sends a clear message to ourcustomers that Expro and Aker Oilfield Services are jointly focused ondelivering step-change performance and complete solutions for their subseachallenges." Per-Ola Baalerud, CEO of Aker Oilfield Services, said: "Aker Oilfield Services has developed its well intervention service offering inclose dialogue with potential customers, partners and third party suppliers,since the company was established in 2006. The letter of intent with Expro comesas a result of a thorough evaluation of the available and planned technologiesfor deepwater subsea wireline intervention - supported by valuable operationalexperience gained by our partners." - Ends - For further information please contact: Expro International Group PLC 0118 959 1341Graeme Coutts, Chief Executive OfficerMichael Speakman, Finance DirectorEdward Cutts, Investor Relations Weber Shandwick Financial 020 7067 0700Nick Oborne / Rachel Martin / Stephanie Badjonat Notes to Editors Expro's business is well flow management. Expro is a leading provider of products and services that measure, improve, control and process flow from high-value oil and gas wells. Key niche businesses must be able to command and sustain market share leadership through a combination of technological pre-eminence and/or operational economies of scale. They will have a high knowledge and service content and will be able to anticipate, meet and exceed customers' expectations. With its head office in the UK, Expro employs more than 4,000 highly-trained staff in 50 countries. For more information, please visit the Expro website www.exprogroup.com. This information is provided by RNS The company news service from the London Stock Exchange