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Expro acqires offshore services provider PRT Offshore
Expro acqires offshore services provider PRT Offshore - Michael Jardon, Expro Chief Executive Officer (credits: EXPRO)
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 Offshore’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 Offshore’s estimated 2023 and 2024 Adjusted EBITDA.
Upon closing of the transaction, which is expected to be in the fourth quarter of 2023, 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 and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions.
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.
Michael Jardon, Expro Chief Executive Officer, said: “Expro is committed to investing in innovation and technology to differentiate our services and solutions offering. 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.
“Our subsea well access portfolio has a strong and established international presence, particularly across ESSA and APAC. We believe this will provide significant opportunities to expand PRT Offshore’s presence in these attractive regions. 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.
“Building on Expro’s 40-year track record in subsea, we feel confident PRT’s offering and expertise will complement our existing technology and result in improved services, enhanced solutions, and an even more robust geographic presence. We look forward to welcoming PRT Offshore team to the Expro family.”
RBC Capital Markets is serving as exclusive financial advisor to Expro and Womble Bond Dickenson is acting as legal counsel on the transaction.
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