Expro Secures Landmark Contract for Carbon Capture and Storage Project

Expro (NYSE: XPRO), a leading energy services provider, has secured a significant contract to supply Tubular Running Services (TRS) for the Netherlands' first offshore Carbon Capture and Storage (CCS) project. This press release features multimedia. View the full release here:

The contract includes the recompletion and conversion of legacy offshore gas production wells into CO₂ injection wells, decommissioning of shallow wells, and drilling of platform slot recovery wells. The project, which is the first offshore CCS storage system in the Netherlands, aligns fully with Expro’s sustainability objectives.

Expro will deliver the contract using its proprietary non-marking TRS technology, which has been specifically designed to run corrosion-resistant alloy (CRA) tubulars. In a highly corrosive CO₂ environment, this will maximize the longevity of the pipe and help address the challenges of long-term well integrity assurance.

Iain Farley, Regional Vice President for Europe and Sub-Saharan Africa at Expro, said: “Securing this contract for this major CCS project highlights Expro’s advanced technical expertise in deploying CRA tubulars. The specific technologies being used throughout the project are proven in the oil and gas sector and it is fantastic to see these capabilities helping to unlock the potential of the CCS sector. Expro TRS services are designed for safety, efficiency and precision, and so we look to be playing a vital role in supporting the success of this project. Expro has a well-earned reputation for delivering high-performance solutions for complex well construction challenges and we are committed to pioneering solutions for energy transition challenges. This contract cements the company’s role in advancing sustainable practices in the offshore energy sector.”

Expro has built a reputation as the industry pioneer and premier provider of tubular running services for all applications globally. The company offers supplementary services, such as performance drilling tools, wellbore clean-out, and cementing technologies, to support comprehensive well integrity solutions. Expro’s portfolio of solutions offers the most complete line of tubular handling products and devices, encompassing all sizes of large OD tubulars, surface, and intermediate casing, through to production casing and tubing, whilst also offering a fleet of drill pipe handling tools for harsh drilling operations and heavy landing strings.

"Tubular Running Services for CCS Project"

Expro’s new contract to provide specialized Tubular Running Services for the Netherlands' first offshore Carbon Capture and Storage project represents a strategic positioning in the energy transition market rather than an immediate financial catalyst. The company is leveraging its core competencies in well construction to address the technical challenges of CCS implementation.

The technical differentiation here is significant. Expro's proprietary non-marking technology for handling corrosion-resistant alloy tubulars addresses a critical challenge in CCS operations - maintaining well integrity in highly corrosive CO₂ environments over decades-long timeframes. This specialized capability creates a competitive moat in the growing CCS services market.

From a business perspective, this contract signals Expro's diversification strategy beyond traditional hydrocarbon services. While unlikely to materially impact near-term financials given Expro's $1.5 billion market cap, it establishes important reference credentials in the CCS sector. The European market for CCS services is projected to grow substantially under supportive regulatory frameworks like the EU's Innovation Fund and carbon pricing mechanisms.

For investors, this represents Expro's adaptation to energy transition trends while maintaining focus on its technical core competencies. The company is effectively positioning itself as a technical enabler for decarbonization projects rather than attempting a wholesale business model transformation. This balanced approach mitigates transition risk while opening new revenue opportunities as CCS project pipelines expand across Europe and globally.

"Expro's CCS Project Pipeline"

In conclusion, Expro's contract for the Netherlands' first offshore CCS project demonstrates the company's commitment to sustainability and its ability to adapt to the evolving energy landscape. By leveraging its technical expertise and proprietary technologies, Expro is well-positioned to capitalize on the growing CCS services market and contribute to the energy transition.