Investment in Houston company strengthens
global services and Subsea Well Access offering
Expro (NYSE: XPRO), a leading provider of energy services, today
announced it has completed its previously announced acquisition of
offshore services provider PRT Offshore.
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the full release here:
https://www.businesswire.com/news/home/20231003666722/en/
Expro's Chief Executive Officer Michael
Jardon (Photo: Business Wire)
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.
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.
Michael Jardon, Expro Chief Executive Officer, said: “This is an
exciting day for both PRT Offshore and Expro as we strengthen and
expand our subsea well access technology offering while continuing
to deliver value to our customers across the life of their
wells.
“Our subsea well access portfolio has a well-established global
footprint, especially in the ESSA and APAC regions. We believe this
will offer significant growth opportunities for PRT Offshore in
these attractive markets. Simultaneously, Expro plans to leverage
PRT Offshore’s strong position in deepwater offshore well
completion and intervention across the NLA region to provide
integrated solutions to our customers.
“We look forward to building on our 40-year track record in
subsea and welcoming the skilled PRT Offshore team to the Expro
family.”
PRT Offshore President Patrick Placer commented on the
acquisition: “We are looking forward to embarking on this next
phase of our journey with Expro. This agreement is an exciting
development for PRT Offshore as we integrate our technology,
solutions, and expertise with Expro’s market-leading subsea well
access portfolio.
“We are excited to continue our best-in-class responsiveness and
service quality, as well as leverage the resources of a more robust
platform. Our employees, vital and valued, are at the forefront of
this transaction, and we are committed to fostering their growth
and success in this new chapter. Building on the foundation we have
created, this acquisition will open new opportunities for growth,
innovation, and success for our company, customers, and
employees.”
PRT Offshore employs approximately 90 people across Texas and
Louisiana in the US.
The 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.
RBC Capital Markets is serving as exclusive financial advisor to
Expro and Womble Bond Dickenson is acting as legal counsel on the
transaction.
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 x (formerly 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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Expro Group Holdings NV (NYSE:XPRO)
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