Expro to Enhance Subsea Well Access Offering With Acquisition of PRT Offshore
28 Agosto 2023 - 8:00AM
Business Wire
Investment in Houston company strengthens
global services and solutions offering
Expro (NYSE: XPRO), a leading provider of energy services, today
announced it had entered into a definitive agreement (subject to
customary closing conditions and working capital adjustments) to
acquire offshore services provider, PRT Offshore.
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the full release here:
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Expro's Chief Executive Officer Michael
Jardon (Photo: Business Wire)
Total consideration to be paid at closing is approximately $106
million, including $62 million of cash and $44 million of newly
issued Expro shares. Potential additional consideration will be
based on PRT Offshore’s financial performance during the four
quarters following closing. Excluding possible cost and revenue
synergies, total consideration is expected to be approximately 4.0x
PRT Offshore’s estimated 2023 and 2024 Adjusted EBITDA.
Upon closing of the transaction, which is expected to be in the
fourth quarter of 2023, the acquisition will enable Expro to expand
its portfolio of cost-effective, technology-enabled services and
solutions within the subsea well access sector in the North and
Latin America (NLA) region and accelerate the growth of PRT
Offshore’s surface equipment offering in the Europe and Sub-Saharan
Africa (ESSA) and Asia Pacific (APAC) regions.
PRT Offshore is based in Houston, Texas and is the only company
to provide a complete Hook-to-Hanger™ solution enabling
comprehensive well completions, interventions and decommissioning
services from surface to subsea. Its unique system is designed to
allow customers to access the wellbore safely and efficiently, all
while reducing personnel on board.
Michael Jardon, Expro Chief Executive Officer, said: “Expro is
committed to investing in innovation and technology to
differentiate our services and solutions offering. This strategic
acquisition is exciting for both Expro and PRT Offshore as we
strengthen and expand our subsea well access technology offering
and continue to deliver value to our customers across the life of
their wells.
“Our subsea well access portfolio has a strong and established
international presence, particularly across ESSA and APAC. We
believe this will provide significant opportunities to expand PRT
Offshore’s presence in these attractive regions. Similarly, Expro
will leverage PRT Offshore’s strong position in deepwater offshore
well completion and intervention throughout the NLA region to
deliver integrated customer solutions.
“Building on Expro’s 40-year track record in subsea, we feel
confident PRT’s offering and expertise will complement our existing
technology and result in improved services, enhanced solutions, and
an even more robust geographic presence. We look forward to
welcoming PRT Offshore team to the Expro family.”
RBC Capital Markets is serving as exclusive financial advisor to
Expro and Womble Bond Dickenson is acting as legal counsel on the
transaction.
PRT Offshore employs approximately 90 people across Texas and
Louisiana in the US. For more information visit PRT Offshore’s
website – prtoffshore.com
Notes to Editors:
Expro
Working for clients across the entire well life cycle, Expro is
a leading provider of energy services, offering cost-effective,
innovative solutions and what the Company considers to be
best-in-class safety and service quality. The Company’s extensive
portfolio of capabilities spans well construction, well flow
management, subsea well access, and well intervention and integrity
solutions.
With roots dating to 1938, Expro has approximately 7,600
employees and provides services and solutions to leading
exploration and production companies in both onshore and offshore
environments in approximately 60 countries.
For more information, please visit expro.com and connect with
Expro on Twitter @ExproGroup and LinkedIn @Expro.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time
by representatives of the Company, may contain certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding, among other things, the
success of the PRT Offshore acquisition, the Company’s delivery of
safe, reliable and secure subsea well access technology, and future
growth, and are indicated by words or phrases such as "anticipate,"
"outlook," "estimate," "expect," "project," "believe," "envision,"
"goal," "target," "can," "will," and similar words or phrases.
These forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from the
future results, performance or achievements expressed in or implied
by such forward-looking statements. Forward-looking statements are
based largely on the Company's expectations and judgments and are
subject to certain risks and uncertainties, many of which are
unforeseeable and beyond our control. The factors that could cause
actual results, performance or achievements to materially differ
include, among others the risk factors identified in the Company’s
Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed
with the Securities and Exchange Commission. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
historical practice, or otherwise.
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