Expro Expands Presence and Product Offerings, Completes Acquisition of UK-Based Coretrax
May 15 2024 - 4:15PM
Business Wire
Expro (NYSE: XPRO), a leading provider of energy services, has
completed its acquisition of Coretrax, a technology leader in
performance drilling tools and wellbore cleanup, well integrity,
and production optimization solutions based in Aberdeen, Scotland.
The effective date of closing was May 1, 2024.
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Expro's Chief Operating Officer, Alistair
Geddes with Coretrax's Chief Executive Officer, John Fraser (Photo:
Business Wire)
The acquisition of Coretrax, from an investment group led by
Buckthorn Partners, will enable Expro to expand its portfolio of
cost-effective, technology-enabled Well Construction and Well
Intervention & Integrity solutions.
Michael Jardon, Expro Chief Executive Officer, said, “This is an
exciting day as we officially welcome John Fraser and his Coretrax
teammates to the Expro family. We expect the acquisition to
accelerate the growth of Coretrax’s innovative, high value-adding
drilling optimization, well integrity and production enhancing
technology solutions by leveraging Expro’s global operating
footprint.
“Integrating Coretrax’s leading technologies will strengthen our
current foothold in the Europe and Sub-Saharan Africa and Middle
East and North Africa regions and is expected to open new avenues
for growth in North and Latin America and Asia-Pacific. We look
forward to leveraging the complementary capabilities and customer
relationships of Expro and Coretrax to deliver additional value to
our customers and other stakeholders."
John Fraser, CEO at Coretrax added, “This marks the beginning of
a brand-new chapter for Coretrax as we unite with Expro to expand
our capabilities. Completing this agreement means both
organizations working in sync to take on the most complex well
challenges. We are proud of our innovation-led approach, strong
customer base and performance history as we join forces with Expro
to create greater value for customers around the globe.”
Total consideration paid at closing was comprised of $75 million
of cash and 6.75 million newly issued Expro common shares.
Wells Fargo Securities, LLC is serving as financial advisor to
Expro and CMS Cameron McKenna Nabarro Olswang LLP is acting as
legal counsel on the transaction. Evercore is serving as financial
advisor, Blackwoods is acting as legal counsel to Coretrax, and
Sidley Austin is acting as legal counsel to Buckthorn Partners 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 8,000
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 Expro Group Holdings N.V. (“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 estimates and projections regarding the outcome
and benefits of the proposed Coretrax acquisition, the Company’s
ability to achieve the anticipated synergies as a result of the
proposed Coretrax acquisition, and the Company’s future business
strategy and prospects for 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, Quarterly Reports on Form 10-Q and Current Reports on
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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