Delivered solid performance in the first quarter as scale, broad portfolio, global operating footprint, through-cycle capabilities and strong financial profile enabled year-over-year growth
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HOUSTON - May 5, 2022 - Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months, ended March 31, 2022.
First Quarter 2022 Highlights
Michael Jardon, Chief Executive Officer, noted, “Expro delivered solid operational performance and encouraging financial results in the first quarter as we continue to unlock the benefits of the recently completed merger while capitalizing on our increased scale, broad portfolio of services and solutions, global operating footprint, through-cycle capabilities and strong financial profile.
“Despite a dynamic operating environment, Expro executed on a number of corporate priorities during the first few months of 2022. This is testament to our team’s expertise and resilience, combined with our broad portfolio of technology solutions and ability to be flexible in adapting to our customers’ evolving needs.
“We achieved growth across North and Latin America and Middle East and North Africa, with notable growth in our well construction business and equipment sales related to well flow management, respectively. We also continue to realize the benefits of our investments to date to further develop our technology offerings, having recently completed a high temperature production profiling survey using our Distributed Fiber Optic Sensing (“DFOS”) technology following our recent acquisition of SolaSense, which we believe will significantly enhance Expro’s well data acquisition and analysis capabilities.
“Expro continues to support our customers’ energy transition goals through expanding our portfolio of carbon reduction solutions. In particular, we are seeing increasing potential in the geothermal market and have recently been awarded a geothermal well contracts in ESSA and APAC, thereby strengthening our position as an integrated services provider. This is a growing and increasingly important sector and key element of the energy services industry's journey toward a lower carbon future.
“Looking forward, we continue to see strengthening signals of a multi-year recovery as our customers seek to balance their energy security and sustainability priorities, and we expect demand for our services and solutions to increase throughout 2022 and beyond. In particular, operators are increasingly looking at short-cycle projects to boost production from existing assets and longer-cycle, new field development projects in order to increase production capacity and thereby improve the diversity and reliability of energy supply. Expro is uniquely positioned to serve our customers in the current market through our combined technology and know-how while prioritizing safety and service quality, enabling us to deliver maximum value to our customers, shareholders and other stakeholders.”
Karen David-Green - Chief Communications, Stakeholder & Sustainability Officer
+1 281 994 1056
Hannah Rumbles - Global Marketing and Communications Manager
+44 1224 796729