Expro Group Holdings N.V., a leading energy services provider, has announced its financial and operational results for the first quarter of 2025, revealing a revenue decline but highlighting technological advancements and new contract wins.
The company reported revenue of $391 million for the three months ended 31 March 2025, down 11% from US$437mn in the fourth quarter of 2024, reflecting seasonal and market challenges.
The US$46mn revenue decrease was driven by reduced activity in the North and Latin America (NLA), Europe and Sub-Saharan Africa (ESSA), and Asia Pacific (APAC) segments, though modestly offset by higher activity in the Middle East and North Africa (MENA) segment.
Consistent with historical trends, the winter season in the Northern Hemisphere and budget cycles of national oil company clients negatively impacted revenue and profitability.
“While 2025 is expected to be a transition year for the energy services industry, the outlook for oil and gas investment and Expro remains quite compelling for the rest of the decade, so we are cautious about the near-term and more bullish over the medium- to long-term,” said Michael Jardon, CEO.
“That said, we will size our support structure, capital expenditures and other investments accordingly, so cost and capital discipline will be key themes at Expro until we have better clarity around the direction of international and offshore markets, and the timing of deepwater projects that we expected to be sanctioned in the second half of 2025 and into 2026.”
Technological innovation
Expro showcased its commitment to advanced technology with notable deployments in Q1. The company successfully introduced its CENTRI-FI™ consolidated control console in Indonesia, enabling fully integrated tubular running services (TRS) operations from a single tablet, reducing personnel presence on the rig floor.
Strategic contract wins in APAC
In the APAC region, Expro secured significant contracts, including a three-year deal worth over US$15mn to provide combined e-line cased hole and slickline services across 315 wells.
Additionally, a two-year contract valued at over US$8mn was signed in Brunei to deliver well metering services, leveraging advanced solutions like QPulseTM, Sonar Meter, and Multiphase Flow Meters.
This agreement, which began in February 2025, strengthens Expro’s role in optimising client production through precise well flow measurement.
However, APAC revenue fell 19% to $51 million from US$62mn in Q4 2024, driven by reduced subsea well access, well flow management, and well construction activity in Australia, as well as lower well intervention and integrity work in Brunei and Malaysia.
Segment EBITDA for APAC was US$11mn, or 21% of revenues, down from US$15mn, or 25% of revenues, in the prior quarter, due to lower activity and an unfavourable activity mix.
