Expro signs Letter of Intent with Aker Oilfield Services for AX-SNews // February 5, 2008
Expro has announced that it has signed a Letter of Intent (LOI) with Aker Oilfield Services Ltd to jointly market its proprietary AX-S rigless intervention technology together with Aker Oilfield Services state of the art fleet of well intervention vessels.
The intent is to develop, subject to agreeing final terms, a global alliance relationship for all markets which will allow customers to procure the combined capabilities of Expro and Aker Oilfield Services in a seamless, integrated and fully aligned manner.
Expro will bring its proprietary AX-S well intervention technology to the alliance, extensive global operating capability and comprehensive track record of global subsea well operations.
Aker Oilfield Services is investing in a fleet of state of the art subsea intervention vessels due for delivery from 2009, and will bring its extensive knowledge of subsea operations.
Both companies intend to leverage the extensive capabilities within their respective companies to develop a comprehensive, market-leading offering for the rapidly emerging subsea development and production markets.
Graeme Coutts, CEO of Expro International Group, said: “Expro is recognised for innovation and quality in the important subsea technology market segment. The AX-S rigless intervention system, which is currently under development, is recognised as having the potential to greatly assist our customers as they strive to reduce deepwater project costs and recover additional reserves from their assets. Today’s announcement marks a further step towards commercialisation of AX-S and sends a clear message to our customers that Expro and Aker Oilfield Services are jointly focused on delivering step-change performance and complete solutions for their subsea challenges.”
Per-Ola Baalerud, CEO of Aker Oilfield Services, said: “Aker Oilfield Services has developed its well intervention service offering in close dialogue with potential customers, partners and third party suppliers, since the company was established in 2006. The letter of intent with Expro comes as a result of a thorough evaluation of the available and planned technologies for deepwater subsea wireline intervention, supported by valuable operational experience gained by our partners.”