Trading Statement

Expro International Group PLC 29 September 2003 Embargoed until 07.00 29 September 2003 EXPRO INTERNATIONAL GROUP PLC ("Expro" or "the Group") Pre-Close Trading Update: Half Year ended 30th September 2003 The Board of Expro International Group PLC ("Expro") announces today that trading during the half year has been in-line with trends described in the financial statements for the year ended 30th March 2003. Consequently the results for the six months to 30th September, 2003 are expected to be in-line with consensus market expectations. Activity levels in Europe, particularly in the UK North Sea and Norway, have remained buoyant, and in the Africa / FSU / ME region there has been a continued strong performance. In the Asia Pacific region we have successfully launched well perforation operations in China, incorporating the technology and expertise we have developed in the US Gulf of Mexico. We will continue to seek opportunities to internationalise this capability, securing new sources of revenue for the Group. For the Americas region, modest expectations were set at the beginning of the current financial year and the business has delivered on this, despite continued low levels of activity. Although the onshore rig count rose progressively during the period and has now stabilised at around 900 rigs, this market is not significant for Expro. The large majority of our revenue in this region is driven by the offshore rig count, which has remained static throughout the period at an average of 105 rigs (prior year period average 109 rigs). We are now taking a more cautious view on the offshore rig count for the remainder of the year, even though some observers believe there will be a material improvement. The growth opportunities we have identified continue to show promise, with our new Excape, Cased Hole Services, technology gaining wider market acceptance and delivering income in excess of double the prior year period levels. We believe revenue from this perforating technology will continue to grow rapidly and that Excape has global applications. In the important deepwater market, we have successfully tested our new large bore electro-hydraulic ultra-deepwater subsea equipment and we expect to see the benefit in our Subsurface income in West Africa and the Gulf of Mexico in the next financial year, as current tenders translate into firm contract awards. Tronic launched its new fibre-optic connector at the Offshore Europe trade show earlier this month, where it was very positively received. The QuantX joint venture with Baker Hughes has established itself in the increasingly important well instrumentation arena and both partners anticipate a resumption of growth next financial year. Graeme Coutts, CEO with effect from 1st October, 2003, said: "Market conditions are generally healthy for the industry and we expect to see a progressive recovery in our performance as new technology and geographic re-positioning make their impact. In the short term, weak offshore Gulf of Mexico rig activity is proving disappointing; however I am happy with our overall progress." - Ends - For further information please contact: Expro International Group PLC 0118 9591 341 Graeme Coutts, CEO designate Colin Ainger, Director Corporate Development Weber Shandwick Square Mile 020 7067 0700 Tim Jackaman / Mike Kirk / Rachel Taylor This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings