HOUSTON - Expro (NYSE: XPRO), an energy services company, has recently completed its 100th deployment of SeaCure, a cementing technology, during an offshore project in Australia. This milestone underscores the company's capabilities in delivering specialized solutions for complex well construction operations.
The SeaCure technology, developed by DeltaTek and now a part of Expro's offerings, facilitates quality primary cementation of conductors. It addresses various risks associated with cement slurry placement by employing a unique stabbed-in inner string technique. The system's design allows for post-cementing circulation until the curing of the slurry is confirmed, thus minimizing operational risks.
The 100th job of SeaCure was part of a five-well subsea batch campaign in Australia, demonstrating Expro's proficiency in handling intricate offshore operations. This achievement reinforces Expro's reputation as a reliable partner in the energy sector.
Alistair Geddes, Expro’s Chief Operating Officer, commented on the milestone, emphasizing the team's dedication and the strength of their technology in achieving this success. He also noted the significance of effective cementation in avoiding cost overruns and ensuring well integrity and success.
Expro's acquisition of DeltaTek in 2023 expanded its service range and technology portfolio in well-construction cementing. The integration is aimed at accelerating DeltaTek’s growth and leveraging Expro’s global presence to further deploy its technologies.
Expro offers a broad range of services across the well life cycle, including well construction, flow management, subsea access, and intervention and integrity solutions. The company, with a history dating back to 1938, employs approximately 8,000 people and operates in around 60 countries.
The information reported is based on a press release statement from Expro.
InvestingPro Insights
As Expro (NYSE: XPRO) celebrates the 100th deployment of its SeaCure technology, the company's financial health and market performance provide additional context for investors considering the stock. With a market capitalization of $2.55 billion, Expro is a notable player in the energy services sector. According to InvestingPro data, Expro has seen a substantial 36.38% price total return over the last six months as of Q1 2024, which reflects investor confidence and the company's successful operations, including the milestone in Australia.
InvestingPro Tips suggest that Expro is anticipated to have a positive trajectory, with analysts revising their earnings upwards for the upcoming period, indicating potential growth and profitability. Additionally, the company holds more cash than debt on its balance sheet, providing financial stability and flexibility. This is particularly relevant for Expro as it continues to invest in and expand its technology offerings like SeaCure.
However, it's important to note that Expro does not currently pay a dividend to shareholders, which may influence investment decisions for those seeking regular income streams. For investors interested in a deeper dive into Expro's financials and future outlook, there are additional InvestingPro Tips available. By using the promo code PRONEWS24, users can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription to access these insights.
For those considering an investment in Expro, it's worth noting that the company has demonstrated strong returns, with a 7.93% total return over the last week and a 15.79% return over the last month as of Q1 2024. These metrics, coupled with the company's strategic expansion and technological advancements, position Expro as an interesting prospect for investors looking at the energy services industry.
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