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Expro

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

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 2017, the company filed for Chapter 11 bankruptcy protection.[7]

In March 2021 Expro announced a merger with Frank's International.[8] The merger was completed in October 2021 and began trading under NYSE:XPRO.[9]

External links

References

  1. Expro International Group acquires PowerWell Services offshore-mag.com, August 7, 2006, retrieved June 18, 2020^
  2. Dan Lalor. Halliburton offers 1.7 bln pounds for Expro Reuters.com, May 23, 2008, retrieved June 18, 2020^
  3. Court clears Expro sale to Candover-led group Financial Times, retrieved June 18, 2020^
  4. PRESS DIGEST - Financial Times - June 27 Reuters.com, June 26, 2008, retrieved June 18, 2020^
  5. Andrew Ross Sorkin. Judge Rejects Hedge Funds' Attempts to Block Candover-Expro Deal The New York Times, 27 June 2008, retrieved 2008-07-01^
  6. Expro International Group PLC (UK): Scheme of Arrangement – Update FTSE Group, 26 June 2008, retrieved 2008-07-01^
  7. Goldman and KKR-Owned Oil & Gas Firm Files for U.S. Bankruptcy Bloomberg Law, 2017-12-19, retrieved 2026-02-09^
  8. Expro and Frank's to Combine to Create a Leading Full-Cycle Service Provider Expro, 11 March 2021, retrieved 2022-06-29^
  9. Expro and Frank's Complete Merger, Creating a New Full-Cycle Energy Services Leader www.businesswire.com, 2021-10-01, retrieved 2022-06-29^