Expro Boosts Romanian Growth With $10M+ Contracts for Black Sea Project
Expro (NYSE:XPRO), a leading provider of energy services has been awarded major contracts from OMV Petrom, totalling more than $10 million USD for the Neptun Deep gas project in the Black Sea.
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Semi Submersible Rig (Photo: Business Wire)
The contracts involve Expro's subsea landing string (SSLS), SeaCure® cementing technology, tubular running services (TRS) and Coretrax Advance drilling tools to support the project in offshore Romania.
Neptun Deep is the largest natural gas project in the Romanian Black Sea and is essential for Romania's energy supply.
The two contracts mark the latest stage in Expro's growth in Romania. Recent investments by the company include opening a new office in Bucharest, setting up a new operational base, and a program to grow its Romanian-based staff.
Andrei Ion, Expro Senior Area Manager in Europe Mediterranean and Caspian, said: "With the awarding of these contracts, Expro is progressing our plans to expand our operations and strengthen our support of the energy industry in eastern Europe and beyond.
"Neptun Deep is an important energy project for Romania. We are proud of being selected to support this important development."
Expro
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company's extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.
With roots dating to 1938, Expro has more than 8,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.
For more information, please visit expro.com and connect with Expro on X (formerly Twitter) @ExproGroup and LinkedIn @Expro.
About OMV Petrom:
OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 40 million boe in 2024. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom.
More details about Neptun Deep project can be found here: https://www.omvpetrom.com/en/our-business/exploration-and-production/neptun-deep
About ROMGAZ:
ROMGAZ is the largest natural gas producer and the main supplier in Romania. The company has a vast experience in gas exploration and production. In 2013, took over Iernut thermoelectric power plant, becoming electricity producer and supplier. ROMGAZ became in 2022 the sole shareholder of ROMGAZ BLACK SEA LIMITED (formerly ExxonMobil Exploration and Production Romania Limited) which holds 50% of the acquired rights and obligations under the Petroleum Agreement for the Deep Water Zone of XIX Neptun offshore block ("Neptun Deep").
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time by representatives of Expro Group Holdings N.V. ("the Company"), may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the Company's future business strategy and prospects for growth, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise.
The Company is not able to provide a reconciliation of Coretrax's forward-looking Adjusted EBITDA to the most directly comparable measure in accordance with U.S. generally accepted accounting principles without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation, including net income (loss).
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