Expro Group Holdings (NYSE: XPRO) said on Monday that it had secured a contract valued at more than $10 million to provide a well decommissioning solution.

The solution combines subsea safety systems and surface processing design to allow for both safe entry to the well and effective well fluids management.

“Having been involved in the development phase for many of these fields, we have gained a life of well experience that will be invaluable for this P&A campaign. Our expertise and know how will help deliver key technical and commercial benefits for the client across the project,” Iain Farley, Expro’s Regional Vice President for Europe and Sub-Saharan Africa, said in a press release.

“The contract reinforces our reputation as the leading provider of subsea safety systems and surface well test equipment, including within the P&A sector. It demonstrates our commitment to delivering best-in-class equipment, allied with the highest standards of safety and service quality that Expro is renowned for.”

Stock Performance

The shares of Expro Group Holdings N.V. (XPRO) closed 0.63% ($0.07) lower at $11.05 in New York on Monday, as they extended the losses from the previous three market sessions.

It has been the lowest closing price for the stock since August 4th 2022.

The company’s total market cap now stands at $1.298 billion.

The shares of Expro Group Holdings N.V. (XPRO) went down 12.19% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).

The company’s shares have lost another 30.59% so far this year.

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