BAKU, Azerbaijan, Sept.7
By Leman Zeynalova – Trend:
The total revenue of EXPRO, an international oil and gas service company, specializing in well flow management, headquartered in Reading, United Kingdom, rose by 13 percent from $156.3 million in the first quarter of 2021 to $176.3 million in the second quarter, Trend reports with reference to the company.
The company saw $8.4 million net loss in Q2 2021 versus $20.4 million in the previous quarter. The positive financial results were achieved thanks to strong sequential improvement in the Europe and Sub Sahara Africa (ESSA) and Asia regions, which both grew revenue approximately 22 percent as demand increased for production optimization services.
“In ESSA, our growth largely reflected increases in core well test and subsea activity, and in Asia our performance reflected strong demand across most services and in most of the markets we serve. Overall, Well Testing and Appraisal Services and Production Services each grew revenue 18 percent sequentially, largely because of an increase in brownfield enhancement activity,” said the company.
EXPRO said that ESSA revenue totaled $65.2 million during the three months ended June 30, 2021, compared to $53.6 million during the three months ended March 31, 2021, and $53.2 million during the three months ended June 30, 2020. The sequential and year-over-year improvement in ESSA revenue was primarily driven by higher well testing and appraisal services revenue in Norway, the United Kingdom, Mozambique and Angola, and higher production services revenue in Nigeria.
Asia revenue for three months ended June 30, 2021 totaled $38.0 million, compared to $31.1 million for the three months ended March 31, 2021, and $37.0 million for the three months ended June 30, 2020. The sequential increase in Asia revenue was primarily driven by higher subsea, completion and intervention services revenue in Brunei and Australia. In Brunei, we are in the start-up phase of a multi-year well intervention campaign. For Australia, results benefitted from a generally higher level of customer activity and higher well testing services revenue.
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