Expro (NYSE: XPRO), a leading provider of energy services, today announced it has completed its previously announced acquisition of offshore services provider PRT Offshore.
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 and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions.
Michael Jardon, Expro Chief Executive Officer, said: “This is an exciting day for both PRT Offshore 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 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.
“We look forward to building on our 40-year track record in subsea and welcoming the skilled PRT Offshore team to the Expro family.”
PRT Offshore President Patrick Placer commented on the acquisition: “We are looking forward to embarking on this next phase of our journey with Expro. This agreement is an exciting development for PRT Offshore as we integrate our technology, solutions, and expertise with Expro’s market-leading subsea well access portfolio.
“We are excited to continue our best-in-class responsiveness and service quality, as well as leverage the resources of a more robust platform. Our employees, vital and valued, are at the forefront of this transaction, and we are committed to fostering their growth and success in this new chapter. Building on the foundation we have created, this acquisition will open new opportunities for growth, innovation, and success for our company, customers, and employees.”
PRT Offshore 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 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.
RBC Capital Markets is serving as exclusive financial advisor to Expro and Womble Bond Dickenson is acting as legal counsel on the transaction.