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ENERGY NEWS

 
     
 

Expro International Group chief executive stands down

Posted: 9 July 2003

Expro International Group PLC held its AGM at 11.00am today at its offices in Reading.

Dr Chris Fay, Chairman made the following comments on current trading, contract awards and Board changes:

"Since the preliminary results statement on 4 June 2003, trading continues in line with expectations.

The Group has successfully renewed several major contracts in the North Sea market worth £17m over the coming two years, covering a broad range of production enhancement related services.

In the Gulf of Mexico our ultra deepwater electro hydraulic subsea tools are gaining increasing usage with clients such as ConocoPhillips, on the Magnolia project, and will see further utilisation in the forthcoming multi-well campaign for Pioneer Natural Resources, scheduled for the second half of the year.

Despite unchanged conditions in the Gulf of Mexico offshore market, progress is being made with our EXcape perforating technology in the more buoyant land market. The anticipated uptake of EXcape has gathered pace with recent project awards by Marathon Oil, BP and Shell, totalling £2m.

The QuantX joint venture has been well received by our clients. Enquiries and tendering activity has increased in line with general market demand and the increased distribution provided by our partner, Baker Hughes Inc, with recent contract awards totalling over £6m.

In addition, the Board announces that John Dawson will be retiring on 30 September, 2003 after completing 23 years service with the Group, 12 years as Chief Executive. Graeme Coutts, formerly director of Western Hemisphere Operations and an executive director since 1995, has been appointed to the role of Chief Executive designate. Graeme has been with Expro for 13 years in a variety of technical, marketing and operational roles and the Board is delighted that it has been able to appoint such an able successor to John.

John has played a leading role in Expro¹s performance since 1980 when he first joined the Group as Finance Director and since becoming Chief Executive in 1991 he has had a defining role in the Group¹s development. The Board would like to take this opportunity to acknowledge John¹s 23 years with the Group and to thank him for his valuable contribution towards the growth of Expro.

The Board is also pleased to announce the appointment of Mark Thatcher, who today succeeds Graeme as President Expro Americas Inc. Mark was previously for many years President of ABBVetco Gray Inc."

For more information see www.exprogroup.com.

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Posted by Richard Price, Editor EnergyME.com

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