This Expro is no amateur. Expro International, a leading UK-based oil field service company, provides a range of oil and gas well management services in more than 50 countries. Operations include wireline logging, data acquisition, and other cased-hole services to maximize well output; well testing and other surface and environmental systems to enhance small-field production; and well monitoring and other subsurface systems related to deepwater production and well maintenance. Expro, which focuses on production enhancement techniques, has its operations structured into five segments: Well Testing and Commissioning, Production Systems, Wireline Intervention, Connectors & Measurements, and Deepwater Intervention.
In 2010 Expro expanded its portfolio of products and services in Asia, buying Production Testers International (PTI) of Asia, which provides fast-track production systems to oil and gas exploration and production companies, for $120 million.
Expro reported a 4% drop in revenues in 2011 despite a robust oil and gas exploration and production market due a number of factors, including civil unrest in Egypt and Libya and the termination of a major contract in Australia. The bright spots were ramped up demand in the North American land market and a 170% jump in Expro PTI sales.
Significant impairment charges (goodwill, intangible, and inventory) led to a major loss for the year.
In a move to raise cash to pay down debt, in 2012 the company agreed to sell its Connectors & Measurements business to Siemens for $630 million.
Expro was established in 1973 to operate in the UK sector of the North Sea.
In 2008 Halliburton offered to buy Expro but was outbid by private equity firm Candover Investment, which acquired Expro.
The Halliburton-Candover fight over Expro led to a couple of raised offers from both sides, but Halliburton eventually pulled out of the bidding for Expro. That left the Candover bid, which was actually made by a newly formed company called Umbrellastream Limited, created by Candover in league with private-equity groups Goldman Sachs and Alpinvest Partners. Following the acquisition, Candover formed Expro Holdings UK 3 Limited as a publicly traded holding company for all of Expro's operations. – less