BAKU, Azerbaijan, Sept.7
By Leman Zeynalova – Trend:
Approximately 40 percent of research and development spending of of EXPRO, an international oil and gas service company, specializing in well flow management, headquartered in Reading, United Kingdom, in 2021 is targeted to help customers achieve their carbon reduction objectives, Trend reports with reference to the company.
“We are dedicated to driving operational efficiency, reducing the environmental impact of our operations and, through our clearly defined strategy, achieving a 50 percent reduction in CO2e by 2030 and net zero by 2050. We are seeing strong signals of a multi-year recovery, which is expected to gradually gain traction as 2021 progresses. While many of our customers’ near-term focus may remain on maximizing their investments in existing well stock, we believe the low level of investment in new oil supply in recent years will result in new FIDs and sustained growth in all of our businesses and across all geo-markets,” said the company.
In recent years, the majority of EXPRO’s business has been driven by the customers’ production optimization efforts and their operational expenditures more so than their drilling-related activities and capital expenditures.
“As a result (and despite the possibility of continuing headwinds related to the pandemic), we currently expect at least modest revenue and margin momentum for Expro over the next couple of quarters, driven by an overall increase in international activity, and positive trends in well testing and production services and well intervention and integrity services, in particular. Beyond the next couple of quarters, an expected recovery in offshore development across geographies reinforces our confidence that EXPRO is well-positioned for sustained growth, which we believe will be driven by increasing demand for subsea well access services and more complex well construction services, respective strengths of EXPRO and Frank’s International with whom we announced a definitive merger agreement on March 11, 2021.
“Through six months, we are generally on track with our full year expectations for 2021. Our current outlook for the third quarter of 2021 is for sequential revenue growth of approximately 15 percent and Adjusted EBITDA of approximately 15 percent of consolidated revenue.”
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