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Subsea growth drives Expro

The Expro Group has had a positive half year result with turnover increasing 7% to GBP111.4 million, compared to the six month period ending September 2001 GBP103.8m.

The principal drivers for the business have been the strong demand for subsurface systems for deepwater developments around the world, Expro said. Activities in Africa, the Former Soviet Union and the Middle East have performed well for the company due to sustained capital spending by Expro's clients.

"We have performed very well in difficult market conditions, continuing to grow earnings when the demand for oil and gas is being obscured by global political and economic uncertainties," Expro chief executive John Dawson said.

"This achievement reflects well on the group's portfolio and wide geographic distribution, enabling us to smooth the ups and downs of the current cycle."

Expro said that with economic and political uncertainties constraining exploration and production programs clients are focusing on maximising the economic return on their existing assets, which Expro caters for.

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