us delivered quarter good continued back Good for afternoon, on Thank position growth trends industry everyone. and the you, that margin and solid should morning expansion. third Expro of favorable results Karen.
underinvestment levels pre-COVID energy in The a economic inflation, of on of capacity and services global supply security increase market growth inventories global While energy and regarding multiyear for historically in low a strong trend continue to upward. and turn, stage concerns fundamentals there focus production, industry. OECD in extended heightened fact, energy the spare energy remain and are recovery for and growth in period to energy global and and diversification sets the long-term demand supports upstream
and offshore of spending are capitalize confident We allow allow should and acceleration both business will operating geographic deployed is to and key completions to the need line and and most. for XXXX to growth, portfolio to leverage us us recently capture that of merger-related generated positioned pricing activity solutions mix business recovery. our broad beyond. support together margin markets from cost and mix the activities, above-market gains flow commercialization of on business net strong These our generation synergies technologies growth in of customers improved drive investments, cash scope in expansion where in with they us activity shift the continued in a markets, early drilling revenue the higher-margin that factors, considerable well XX% jurisdictions top customer international roughly to Similarly, continue our in XX% to from markets, and areas tied opportunities of of and roughly footprint in tied model, growth trends. are to of Approximately our are is stages XX% a these we cyclical leading with
call, framework. On with and focused provide on today's liquidity available flexibility debt-free synergies us of touch topics. a pursue shareholder-friendly will the capital should our X balance smart, allocation and sheet I main adoption Finally, M&A to
First, I'll performance. walk you through our quarter third
are perspective seeing And broader trends I'll we finally, on on some Second, an industry update I'll process. give the our in integration provide environment.
revenue quarter, delivered $XX adjusted EBITDA million. million third and of of $XXX the we For
back to revenue, moment, and primarily more come commissioning costs activity than of was adjusted million million XX% in faster QX EBITDA $XX a Excluding in realization a favorable by $XX anticipated of synergies. which a I'll driven merger-related on mix project, or subsea of
Third basis, year-over-year. on was supported quarter-over-quarter XX% revenue a Construction X% well forma a forma activity. year-over-year, pro X% revenue and accelerating X% up pro on Well increased quarter basis, and sequentially new by
have construction the of one most We in the well advanced industry. portfolios
We these efficiency enhance their complex transform built and with solutions how across are order specialize in technically production lifetime. to that wells demanding and wells in
capabilities garnering and recognition are industry technology both best-in-class and from customers Our organizations.
innovative health, is construction solutions developing Console a suite our technology energy challenges. value access sustainable pro digitally environment, well offshore X% well and award best that CENTRI-FI today's basis, well a to address includes to our intervention forma won on Revenue quarter-over-quarter our generated This of to our Consolidated line Awards. differentiated well group, In truly at intelligent year-over-year. flow customers. The commitment our development which CENTRI-FI integrity well reflects award technologies fact, World one X% recent product management provide Oil safety, management, of our up and businesses for construction was and for subsea team the Control the XXXX and well tomorrow's
decade, well revenue sales. is underlying was up energy with revenue this, $XX The Note, service supply FID underinvestment approximately in growing significant in XX% QX demand approximately XXXX for however, included approvals. Adjusting over resulting the new management that coupled year-over-year. equipment million last in
X for wells with start in be remind billion is well we nearly of in of of project market. I and the or today company, our offshore in will you Northern Mexico, access consisting expected are to secured new X potential XX% spending XXXX. drive revenue On X sanctioning years. to capital offshore confirmed commitments all next operations the generated basis, subsea client regional of the of to is expected This over of approximately XX% our wells a Gulf scheduled NLA, in early that offshore. for customer work Importantly, a $XXX major America, Latin
subsea client's operator this We have place international next this since XXXX, confirms development worked wells. our with this phase and the in of award
the capabilities wins also and these contract a very the in and focus wins. We us in downhole service on international service In quality in demand contract and played factor and a with tubular secure outstanding across a we their demonstrate for and team running Brazil with contract success Experts X-year awarded The decision running high, intervention awarded construction team's operational continues a premium technical services as technologies tools well had major services for a Canada. of helped as is who Argentina, region. key were Our operator major in their making. quality services cementing castle clients unique products part well position services highlighted tubular service to are work with provider our
operations success received excellent secured we Argentina on X-year performance. performed relationship and plug on perforation activities This builds our project. client for our castle in For this South on contract this a particular and recent in with customer, our and feedback one expands
progress Neuquen, During operations Africa supporting replaces the a quarter, and the our the a in the Tubing new and well geothermal technologies and opening were the X TCP the first base intervention key I the and was Europe great business commitment in or Perforation our transition the contract well in of delivering performance projects excellent which and region able such leading and in lines we celebrated to operate Conveyed demonstrates to service position to Argentina, Argentina or has developing to to Sub-Saharan larger make in awarded our Argentina. also history. and project Expro existing business better energy across base ESSA, testing offers to and Argentina travel facility new In ESSA. we marks across continue in and services we integrity. The country. We in Netherlands, the Netherlands
retained client customer we well with another pleased with and won intervention in Azerbaijan, we our in were to existing country. to we test Additionally, major major client. secure contract a our with international In well a and the extension an a Angola, TRS TRS contract contract X-year long-standing
well the recently first discussions and We are of scope also sector Sea, Angola to a of Black we the In operation there. on commenced in and well-flow with the successfully campaign multiple in construction Turkish wells. our intervention hammer completed expand customer work management our
with operation. provided support for that will units we of campaign for reduced to an deployment a technologies a client the praising extended out an conducted second-to-none cementing utilization the achieved production line our Gabon, In required section. nonproductive of we increase perforation with North casing use key the safely X sick client. carry In offshore the U.K. for was The lightweight extensive as the This Sea, ultimately this reach client's slickline cost asset. unique on and enable time offshore
gas of area. a Solutions, increase onshore order targeting international recently focused production West from low-carbon generate expert to construct its facility security security for million of Production major over awarded of Upon continental is and a market facility Finally, a in fast-track this that facilitate in to operate and feedstock of to gas Africa $XXX will incremental in the and maintain production in potential company and XX completion, oil market, electricity supply natural pretreatment liquefied generation Europe term in to years. The contract revenue issues. the energy excess increasingly a up contract contract has on
test MENA well extension We contract Middle our a the Africa maintained to Africa and in our and an contract. or surface awarded with this In customers were of North a their East the including and region, safety for further contract Egypt, continue well existing removal significant quarter. mercury X-year performance winning expand excellent North in MENA work region testing
marked customer view in business to Additionally, operation access this enable firsts our including remotely. of and desk a for number the a in Egypt where we the quarter first for to them operational parameters data production region, key
wet international Saudi the measurement field and job construction Expro an delivered in deployment tailored create a to customer's The meets of multitrace operator that multiphase first and combined the hammer solution well in for requirements. Sonar Qatar first gas technology
test will thereby and solution operating any a ultimately as production testing and testing duration ultimately the a avoid the meter well equipment costs. the solution testing. reduce wet reduce to innovative release, The progressing hydrocarbon minimize We delivered effectiveness which well improve of approach Bespoke for gas combining to solution, potential forward frequency, footprint intrusive reduce conventional look shutdown well personnel multitrace. each minimally well evaluate We and compared Sonar deferrable, to flowing also optimizing and will
unique market. technology which abandonment APAC provision sale new subsea challenges. value deliver Finally, demonstrates our for and solve subsea client, on and well plug further our XX-well with a wells. operation the plug performance subsea project in abandonment abandonment relationship our the We record, the This and in in established track customer and controls winning Asia a this long-standing were contract contract subsea covering the awarded of a XX We decommissioning of of also of China. strengthened sets board X completed for minimum extraordinary integrated Australia, building strong Pacific Expro experience access or to to position in successfully an and enabled region, large
well fantastic team recordable for Our X,XXX team achieved milestone operation, days remarkable and commitment Expro's of delivering safe Bruni congratulate XX has achievement. construction the safety for reflects without this in years a I a to which a incident,
Finally, the challenges in a sum, during several significant press significant market. million collectively quarter a to In with issues as generation. was global noted light number weather-related in and operations commissioning vessel delays and intervention delays, technical release, new COVID come Pacific that solution our wire delays water, a result, of results in introduction to with start-up what challenges were in related supply revenue of third Asia Expro we of or as impacted LWI pandemic technology deployed chain and of through resulting unique is the start-up by introducing well the costs $XX our has call Expro's to and
in available of some to we a costs start-up do has the finalizing quarter, the in customer quarter the systems and information continue with do in levels, at operations continued albeit QX expect not in quarter While the the XXXX. or fourth XXXX. expect we start-up best of fourth The the late in fourth impact testing reduced early
As of system it's $XX pull-through of once operational, annual our magnitude, opportunities. to we $XX LWI to an revenue expect million between million additional generate order with
gas net and we or governance continue April, and practices ESG last completed greenhouse set XXXX. reduce with October, of by in initiatives, Frank's our with portfolio environmental, our improve ESG and in sights achieving ahead emissions. published Turning XXXX we our intensity a we by on review In with when XX% to merger business inaugural our a zero social with to energy our transform forging aim carbon order reduction to business journey new stated
a create We our every worked ESG to better of and ultimately have communities customers, in the planet. fast embrace and overall business team for future our members,
teams by rating ESG We Expro the efforts who company's a want counsel and recognition of have our is programs work those to A our support and rating. with full important to sustainability that leadership all evaluate the impressive organizations ESG thank which received an one for all X testament our MSCI, This is them, the upgrading efforts. recently I of their to of most for levels
solutions innovative challenges. Expro global is energy a Expro value-added trusted significant are and we a our own our recognized sustainable remains customers As and to playing to roughly and achieve carbon Technology has critical of advance goals. help allocating energy of introducing solutions, experts to services committed reduction committed our initiatives our and advancing team to transition. to to meet progress net support research role partner, customers' our position their our development well XX% transition to made and the component budget
the highlight organization. fully designed and on XX the efficiency operations strategy example continue drive will in progress in action and Sea, for services. of running to tubular in more our autonomous safety the field enhance our to digital part X,XXX ICON connections our with being resulting zero with trials floor, we jobs Systems, our across personnel which one is is than in that made. rig reduce to improved pleased help operational the North key successfully of has customers industry advances ICON journey completed The One Digitalization and make to net system our taking costs. I'm lower
transferable to new geothermal XX-well These our on which experience today to of of very opportunities. win a the geothermal contract quality. and wells service of strengthening in This Netherlands in on a environment. energy unique for support team, wells and wins, for excellent leadership was new including Indonesia capitalize discussed portfolio as difficult of can capture recovery combined expertise based well also the continue our expand well advancement also We pipe position contract and for was demonstrate with the tomorrow. as market blend our earlier significant in our Indonesia I significant a us the They the geothomal decades team technologies the that noteworthy of a business, XX-month
also marks anniversary the as the team pleased our together to quarter I'm close has Expro with to very and business X-year made considerable efficiencies business. This Frank's combination. global and the of across progress capture come of one our organization the
During by we exceeded this XX%. of first targeted $XX million our first year year, have cost savings
XX% XXXX the announced from revenue Importantly, in XX% quarter support in of costs our third declined the combined have XXXX. of QX we before transaction to
post will we targeting between and previously, that synergies We to cost within earlier. not are $XX projected remain XX $XX we synergies million this outlined if million As revenue million $XXX to merger. achieve time, cost in XX confident months during
quarter, Perth, and consolidated Helder third Malaysia Kuala additional locations in the including Den In Lumpur, facilities, Australia, in Netherlands. we
revenue efficiencies strong also that our We from organizational work our progress making to with possible are new are and customers identify operational drive global structure opportunities. to growth
to from on relationships the $XX prove revenue synergies are increased more million likely $XX operating of our greater revenue exposure estimate customer rig As incremental I our of and to have life million before, footprint, expanded we through synergies while field be difficult to time previous and to will very full quantify, that conservative. of an expect said EBITDA
I to of drive a have Another our our during like full help even numerous to hard service on and sincerely thank us a integration allow schedule. ahead ability for the quarter implementation entire which streamline team that conversion across towards partners to realize as important winning proven deliver organization its will us achieved commitments. doubt, work XXXX. key helping Without we the contributions efficiencies of the Expro has our milestone would number team a we goals their and enter and processes a expect and single we us was to ERP, more
the multiyear throughout I want together for in grow the and XXXX Before again call Quinn, global is with focus with are energy X Today, likely recovery over the turn through of trends Russian security economic diversification backdrop and continuing an market I on further the provide and macro particularly observing growth following QX on forecast to of supports we services to in investments to increased activity. over barrels quarters some favorable energy loss market. perspective previous Europe, XXXX. upstream the supply, energy activity, the Increasing
While global disruptions day a term of supply commodity near barrels the positive exceed slowdown outlook the likely of in and per as for economic levels in pre-pandemic continued result underpinning growth, pricing demand will in XXXX, equivalent gas and sector. of services possible volatile potential the remain oil a million oil to expected is XXX
and activity XXXX as in NOCs With their international general good cycle particular, year ramp the expect international next up accelerate of activity. projects, longer in remainder to momentum we and offshore into building the through and customers in
about I U.S., Expro Expro should earlier, noted As beneficiary. XX% develops outside business, of international be markets so activity a as primary the in the drives momentum
and Supporting select Asia our business. activity testing new surface completions support for capabilities we collectively services, activity our projects outlook, subsea activity sustained an global markets construction of and in drilling represent to see seeing with well about our by across further and Sub-Saharan and America development tendering are Africa primarily driven activity South in portfolio XX% and complex growth access, and we the globally, which in expected also and region. exploration continue growth increase well and well license within Norway Increased should of round
production Expro. We which solutions Africa, increased and that traditionally of are core in is also a services support experiencing demand increased strength for
the decade, increased earlier, demand underinvestment the with last approvals. coupled growing in noted supply in significant energy FID over As resulting is
interest seeing we billion revenue offshore of our today next Again, geothermal new potential years. company, North capabilities, highlighted in Further, in energy drive diversifies in earlier and commitments Geographically, through of of of expected Sanctioning capital in sees expected increasing generated projects offshore. our Africa that multiyear Expro market. engagement offshore spending be customer strong is the are as the XX% as $XXX our well Middle XX% of the Europe Asia. for several the East as are nearly and in over Sub-Saharan North to support Importantly, approximately growth Asia Africa, customer to as and and America, inquiries, market transition. Latin is
certain XXXX capacity and including the in activity, construction outlook into gains XXXX trees strength high-end XXXX regions with from Overall, test subsea also in result should are for bolstered as increased The of and by across asset in of Expro pricing beyond. net E&P business, global remainder in position all of of remains positive well activity equipment we segments constraints acceleration the coupled and sustained experiencing and backdrop with expenditures. operating a is increases customer of levels a strengthening fundamentals. industry our classes,
positive XXXX We going believe into this beyond. momentum and will accelerate
ability sustained and is market growth For growth to vision. opportunities, defensible strategic continue and to scalable strong begins with clear of a Expro, operating to positions, with value our mix delivering Central robust global shareholder and footprint. integrity a value a well-balanced grow
a emerging We around capabilities a range markets mature full have world. strong in the and presence with of both
leveraging also are our support do footprint more structure. to with current global We our operating
their customers technology-enabled footprint, business Additionally, expect we come increase focus carbon on that as sustainability. support lowering from more to of services high-margin our
hand to the to I'll results. our that, financial Quinn With discuss call over
