Expro’s acquisition of PRT Offshore will strengthen its global offshore services and solutions offerings. (Source: Shutterstock)
Expro announced today its entry into a definitive agreement to acquire offshore services provider PRT Offshore.
Total consideration to be paid at closing in fourth quarter 2023 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.
This acquisition will expand Expro’s portfolio of cost-effective, technology-enabled services and solutions within the subsea well access sector in the Americas, as well as accelerate the growth of PRT Offshore’s surface equipment offering in Europe, Africa and Asia.
“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,” Michael Jardon, Expro CEO, said in a press release. “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.”
RBC Capital Markets is serving as exclusive financial adviser to Expro and Womble Bond Dickenson is acting as legal counsel on the transaction.
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