Expro Group Holdings Nv (XPRO) Stock News

Expro (NYSE: XPRO) has secured a significant contract with the Northern Endurance Partnership (NEP) to provide integrated well testing services for a major carbon capture and storage project in the UK. The contract involves appraising two wells in the Endurance reservoir, which has a 450m tonnes CO2 storage capacity. Expro will collaborate with Baker Hughes and Metrol Technology to deliver a comprehensive CCS appraisal solution. The project is part of the East Coast Cluster initiative and is crucial for meeting UK Government's CCS targets of 20-30 million tonnes CO2/year by 2030. The contract will support local jobs in North-East Scotland and strengthen the UK energy supply chain. Expro brings over 20 years of CCS experience and 50+ years of North Sea industry expertise to this project.

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Expro (NYSE: XPRO) has achieved a significant milestone with the first deployment of its Autonomous iTONG™ system in Sub-Sahara Africa, specifically for offshore operations in Côte d'Ivoire's Baleine field. The innovative tubular running services (TRS) technology has demonstrated remarkable efficiency improvements, cutting connection make-up times by 50% and completing 'park-to-park' connections in just 90 seconds, compared to 180 seconds with previous technologies. This advancement has resulted in approximately $200,000 in cost savings per well project. The iTONG™ system enhances safety by eliminating the need for personnel in hazardous rig floor areas and can be operated remotely from the driller's cabin. The technology, first introduced in Norway in 2021, has been implemented on the Deep Value Driller drillship for client Eni, marking its first deepwater deployment and contributing to reduced CO₂ emissions through improved operational efficiency.

Expro (NYSE: XPRO) has secured multi-year Tubular Running Services (TRS) contracts with two leading Super-Major operators in the Gulf of America, with a collective value exceeding $80 million. The contracts cover both deepwater drill ships and platform rigs, integrating Expro's advanced technologies including the award-winning Centri-FI platform.

The implementation includes Expro's Rig Integration "Driller's Control" Package, iTong, and completions technologies to support upcoming developments, including 20K developments. Centri-FI serves as the operational hub, focused on improving efficiency through personnel reduction, eliminating red zone entries, and enhancing performance repeatability.

Expro Group Holdings reported solid Q1 2025 financial results with revenue of $391 million and Adjusted EBITDA of $76 million, marking their highest first-quarter EBITDA since the Expro/Frank's merger in Q4 2021. The company achieved a net income of $14 million with a 4% margin, improving from -1% in Q1 2024.

Notable achievements include securing $272 million in new contracts, including a $50 million Tubular Running Services contract in the Gulf of America. The company successfully deployed advanced technologies like CENTRI-FI™ in Indonesia and the Blackhawk Generation-X Rotational Plug Launcher in Norway.

Looking ahead, Expro projects Q2 2025 revenue between $400-410 million and Adjusted EBITDA of $80-90 million. While 2025 is considered a transition year, management remains cautiously optimistic about near-term prospects while expressing confidence in medium to long-term growth potential.

Expro Group Holdings (NYSE: XPRO) has announced its upcoming first quarter 2025 earnings conference call, scheduled for April 30, 2025, at 10:00 a.m. Central Time. The company will release its financial results for the quarter ended March 31, 2025, before the market opens on the same day.

The earnings release and presentation slides will be available on Expro's investor relations website prior to the call. Participants can pre-register for the call or join using the provided dial-in numbers: US: +1 833 470 1428, International: +1 404 975 4839 (Access code: 079161).

An audio replay will be accessible approximately 3 hours after the call's conclusion until May 14, 2025, via the company's website or by phone using US dial-in numbers 1 866 813 9403 or 1 929 458 6194 (Access ID: 923107).

Expro (NYSE: XPRO) has secured contracts worth over $10 million USD from OMV Petrom for the Neptun Deep gas project in the Black Sea, Romania. The contracts encompass the provision of subsea landing string, SeaCure® cementing technology, tubular running services, and Coretrax Advance drilling tools.

The Neptun Deep project, positioned as the largest natural gas development in the Romanian Black Sea, is important for Romania's energy supply. As part of its expansion strategy in Romania, Expro has made significant investments including:

• Opening a new office in Bucharest
• Establishing a new operational base
• Implementing a program to expand Romanian-based staff

Expro, with over 8,000 employees operating in approximately 60 countries, provides energy services across the entire well life cycle, including well construction, flow management, subsea well access, and well intervention and integrity solutions.

Expro (NYSE: XPRO) has secured a significant contract to provide Tubular Running Services (TRS) for the Netherlands' first offshore Carbon Capture and Storage (CCS) project. The scope includes recompletion and conversion of legacy offshore gas production wells into CO₂ injection wells, decommissioning shallow wells, and drilling platform slot recovery wells.

The company will deploy its proprietary non-marking TRS technology, specifically designed for corrosion-resistant alloy tubulars in highly corrosive CO₂ environments. This technology aims to maximize pipe longevity and ensure long-term well integrity. The contract reinforces Expro's position in well construction services and demonstrates their commitment to energy transition solutions.

Expro announced its Q4 and full-year 2024 results, reporting Q4 revenue of $437 million, a 3% sequential increase and 7% year-over-year growth. Full-year revenue reached $1,713 million, up 13% from 2023. Q4 Adjusted EBITDA was $100 million, an 18% sequential and year-over-year increase, with a margin of 23%. Full-year Adjusted EBITDA was $347 million, a 40% increase from 2023, with a margin of 20%. Q4 net income was $23 million, compared to a net loss of $12 million in Q4 2023. Full-year net income was $52 million, against a net loss of $23 million in 2023. The Board extended a $100 million stock repurchase program, with 1.2 million shares repurchased in Q4 2024. Expro provided a 2025 outlook, expecting stable to modestly increasing revenues and improved Adjusted EBITDA margins. Key achievements include $314 million in contract wins and notable technology advancements. The company plans for $120-$130 million in capital expenditures for 2025 and reported $185 million in cash and $121 million in debt as of December 31, 2024.