Subsea services firm Expro said Tuesday it had completed its previously announced acquisition of offshore services provider PRT 云顶赌场老虎机.
PRT 云顶赌场老虎机 is based in Houston, Texas, and provides a complete Hook-to-Hanger solution enabling comprehensive well completions, interventions, and decommissioning services from surface to subsea. Its system, according to Expro, allows clients 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 云顶赌场老虎机’s surface equipment offering in the Europe and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions," Expr said.
Michael Jardon, Expro Chief Executive Officer, said: “This is an exciting day for both PRT 云顶赌场老虎机 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 云顶赌场老虎机 in these attractive markets. Simultaneously, Expro plans to leverage PRT 云顶赌场老虎机’s strong position in deepwater offshore well completion and intervention across the NLA region to provide integrated solutions to our customers.
PRT 云顶赌场老虎机 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 云顶赌场老虎机’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 云顶赌场老虎机’s estimated 2023 and 2024 Adjusted EBITDA.
