Increased revenue in the UK, Asia and Africa saw Expro record bumper financial figures.
The well flow management experts announced a record 15.3% revenue increase to $1.4billion and a 32.4% EBITDA increase to $348.9million for the 2014 fiscal year.
Increased dividends in the UK and Norway from heightened levels of well testing and subsea activity fuelled a revenue growth of 15.2% for the firm’s Europe operations.
The firm’s strongest performance came from the Asia, Middle East and North Africa (AMENA) region where deep water activity in Asia contributed to a 27% revenue increase.
Expro recently announced a flurry of contract wins, including landing a $100milion deal to support the second phase of the Shah Deniz development.
During this year’s Offshore Technology Conference the firm also announced its order book hit the $2billion mark.
Chief executive Charles Woodburn said: “I am delighted to announce Expro’s strong annual results this year, which is testimony to the hard work undertaken across our global operations. Our investment in equipment, technology and people has demonstrated clear returns across the business. I am also pleased to see the impact of our WWS and drill stem testing (DST)/TCP product lines, as we continue to see them expand successfully.
“Deepwater drilling and development activity within the Gulf of Mexico, Brazil and Angola continues to drive demand for our subsea and well testing expertise.
“Sustained exploration and appraisal activity is driving operators to replace reserves, which in turn, bolsters our well testing, DST/TCP, subsea and well intervention business.
“We have also seen an increase in demand for early and/or production enhancement solutions, as operators strive for accelerated production from new and existing fields.
“A heightened focus on quality, safety and environmental factors, is supported by our well integrity and intervention services, combined with WWS remote monitoring technology.
“Expro’s outstanding business performance, together with increasing market demand for our products and services, has positioned us well for future opportunities.”
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