Expro expands global subsea services with $106 million PRT Offshore acquisition
(WO) – Expro has completed its previously announced acquisition of offshore services provider PRT Offshore.
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. Excluding possible cost and revenue synergies, total consideration is expected to be approximately 4.0x PRT Offshore’s estimated 2023 and 2024 Adjusted EBITDA.
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, Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions.
Michael Jardon, Expro Chief Executive Officer, said, “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.
PRT Offshore employs approximately 90 people across Texas and Louisiana in the US.