AGM Statement

Expro International Group PLC 07 July 2004 Embargoed until 0700 7 July 2004 Expro International Group PLC AGM Statement Expro International Group PLC ("Expro" or "the Group"), a leading upstream oil and gas technology service provider, will be holding its AGM at 11.00am today at its offices in Reading. Chris Fay, Chairman will be making the following comments on current trading, contract awards and Board changes: Current Trading Following the challenging market environment in 2003/2004, actions were put in place to refine the Group's strategy. We are pleased to report that trading in the new financial year is more encouraging and is in line with the expectations set out in our preliminary results statement of 2 June 2004. Contract Awards We are pleased to announce the following awards, demonstrating initial signs of progress in the conversion rate of outstanding tenders into contract awards, though the full impact of some of these awards will not be apparent until 2005/ 06. In particular, we are pleased that a number of these recent awards relate to our newer technology offerings. In January 2004, we announced the acquisition of a downhole tractor business, SmarTract Inc. The Group has won a major three year contract with EnCana to supply electric line and tractor services on their SAGD (Steam Assist Gravity Drainage) project in North East Alberta, valued at US $8.3m, starting this month. Also in the Americas region, over and above the steady progress being made with the land based Excape(R) perforating technology, contracts have been awarded by Agip and Dominion for our ultra deepwater electro hydraulic subsea tools, valued at over US $5m, for work commencing in the second half of the year. We will also be supplying our latest 15k high pressure landing strings for this work. Offshore West Africa we are pleased to announce the award, via FMC, for BP's Block 18, Greater Plutonio development. Delivery of the subsea equipment is scheduled for March 2005, with installation work commencing in the following financial year. Contract value is approximately £5m. Further contract awards in Africa have focused on our Surface and Environmental business with development and production well clean up awards from Agip in Algeria, Woodside in Mauritania and CNR in the Ivory Coast. All are scheduled to commence this year, with a combined value of over US $9m. Santos has awarded the Group contracts in excess of £6m for a range of services on their Exeter/Mutineer development on the North West shelf of Australia. The largest portion, over £4m, is for our Tronic connector business where both electrical and power connectors are being supplied, with first deliveries being shipped later this month. These awards, coupled with our recently announced US $60m Early Production Facility for ExxonMobil's Chayvo development, provide early evidence of the success of the Group's new strategy. Board Changes As recorded in our preliminary results announcement of 2 June 2004, the Board announces that Ian Clubb retires as a non-executive director today, after 10 years outstanding service with the Group. Following the conclusion of the AGM, Roger Boyes will be appointed the Senior Independent director. The Board is pleased with the progress being made, after a difficult year in 2003/04. Expro has a strengthening technology platform, a clearly defined strategy, and there are early signs of a more encouraging outlook for the business. -Ends- For further information please contact: Expro International Group PLC 0118 9591 341 Graeme Coutts, CEO Michael Speakman, Finance Director Colin Ainger, Executive Director Weber Shandwick Square Mile 020 7067 0700 Mike Kirk / Rachel Taylor / Stephanie Badjonat This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings