Expro (NYSE: XPRO), an established oilfield service company, has secured a Corporate Frame Agreement to provide well testing services to Equinor for operations on the Norwegian Continental Shelf. The initial four-year agreement, with an option to extend for six additional years, will involve Expro's multi-disciplined team based out of Stavanger and supported by its Haugesund Fluids centre.
Under the terms of the deal, Expro will deploy its CoilHoseTM LWCS technology which is designed for efficient flow management throughout various stages of well lifecycle, from completion to abandonment. This technology supports the companies' shared objectives in production optimization and environmental standards, particularly in reducing emissions.
Iain Farley, a representative of Expro, praised the agreement as a reflection of the synergy between Expro's environmental capabilities and Equinor’s commitment to sustainability. He highlighted the alignment with both firms' ESG objectives and acknowledged the evolution of their relationship spanning over seven decades. Farley also underscored Expro Norway AS's dedication to local workforce development to ensure high-quality project execution in line with Equinor's stringent standards.
Founded in 1938, Expro has expanded its global operations to approximately 60 countries with around 8,000 employees. The company provides a comprehensive suite of well-lifecycle solutions that encompass construction and integrity management.
While expressing optimism for growth prospects driven by innovation and sustainability commitments, Expro remains cautious about potential discrepancies between future expectations and actual outcomes due to uncontrollable risks. The partnership with Equinor is expected to enhance well integrity and intervention procedures while promoting production optimization services in the Barents Sea, Norwegian Sea, and North Sea areas.
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