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Tue 26 Feb 2008 05:55 PM

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Expro signs LOI for the joint marketing and operation of light well intervention services

Expro recently announced the signing of a letter of intent (LOI) with Aker Oilfield Services to jointly market its proprietary AX-S rigless intervention technology, together with Aker Oilfield Services' fleet of well intervention vessels.

Expro recently announced the signing of a letter of intent (LOI) with Aker Oilfield Services to jointly market its proprietary AX-S rigless intervention technology, together with Aker Oilfield Services' fleet of well intervention vessels.

"The AX-S rigless intervention system, which is currently under development, is recognised as having the potential to assist our customers as they strive to reduce deepwater project costs and recover additional reserves from their assets," said Graeme Coutts, CEO of Expro.

"The 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 performance and complete solutions for their subsea challenges," he added.

With the signing of the LOI both companies hope that the AX-S will meet the growing demand in the market for lightweight well intervention systems, that diagnose production problems as well as improve production from sub sea wells.

"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," said Per-Ola Baalerud, CEO of Aker Oilfield Services.

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