Expro

Expro is an energy services provider headquartered in Houston, Texas, United States.

Expro
TypePublicly held company
NYSE: XPRO
IndustryEnergy
Founded1938 (1938)
Defunct8 December 2021 Edit this on Wikidata
HeadquartersHouston, Texas
Key people
Michael Jardon
(Chief executive officer)
ProductsWell Construction, Well Flow Management, Subsea Well Access and Well Intervention and Integrity
RevenueUSD$1390 million (2019)
Number of employees
>6,500
Websiteexpro.com

History

The company was founded by J. Trewhella, J. Ross and H. Green in 1973 at Great Yarmouth as Exploration & Production Services (North Sea) Ltd with the objective of carrying out well testing in the North Sea. In 1986, about 84% of the company was acquired by Flextech from whom the management subsequently bought out the business in 1992. The company was first listed on the London Stock Exchange in 1994. In 2006, it acquired PowerWell Services, another leading well management concern, for $674.5 million.[1]

Takeover

In May 2008, Halliburton made a £1.7 billion takeover of the business,[2] while a competing bid worth £1.8bn was made the following month by Umbrellastream, a Candover-led consortium also comprising Goldman Sachs and Alpinvest.[3][4] An improved bid from Halliburton was then rejected by the Expro board, a position backed by the High Court after an appeal lodged by a group of activist shareholders.[5] The acquisition of Expro by Umbrellastream was completed in July 2008.[6]

In March 2021 Expro announced a merger with Frank's International.[7] The merger was completed in October 2021 and began trading under NYSE:XPRO.[8]

References
  1. "Expro International Group acquires PowerWell Services". offshore-mag.com. 7 August 2006. Retrieved 18 June 2020.
  2. Lalor, Dan (23 May 2008). "Halliburton offers 1.7 bln pounds for Expro". Reuters.com. London. Retrieved 18 June 2020.
  3. "Court clears Expro sale to Candover-led group". Financial Times. Retrieved 18 June 2020 – via FT.com.
  4. "PRESS DIGEST - Financial Times - June 27". Reuters.com. 26 June 2008. Retrieved 18 June 2020.
  5. Ross Sorkin, Andrew (27 June 2008). "Judge Rejects Hedge Funds' Attempts to Block Candover-Expro Deal". The New York Times. Retrieved 1 July 2008.
  6. "Expro International Group PLC (UK): Scheme of Arrangement – Update". FTSE Group. 26 June 2008. Archived from the original on 14 June 2011. Retrieved 1 July 2008.
  7. "Expro and Frank's to Combine to Create a Leading Full-Cycle Service Provider". Expro. 11 March 2021. Retrieved 29 June 2022.
  8. "Expro and Frank's Complete Merger, Creating a New Full-Cycle Energy Services Leader". www.businesswire.com. 1 October 2021. Retrieved 29 June 2022.
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