Expro
 | |
| Company type | Publicly held company |
|---|---|
| NYSE: XPRO | |
| Industry | Energy |
| Founded | 1938 |
| Defunct | 8 December 2021  |
| Headquarters | Houston, Texas |
Key people | Michael Jardon (Chief executive officer) |
| Products | Well Construction, Well Flow Management, Subsea Well Access and Well Intervention and Integrity |
| Revenue | US$1.4 billion (2022) |
Number of employees | >6,500 |
| Website | expro |
Expro is an energy services provider headquartered in Houston, Texas, United States.
History
[edit]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
[edit]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
[edit]- ^ "Expro International Group acquires PowerWell Services". offshore-mag.com. 7 August 2006. Retrieved 18 June 2020.
- ^ Lalor, Dan (23 May 2008). "Halliburton offers 1.7 bln pounds for Expro". Reuters.com. London. Retrieved 18 June 2020.
- ^ "Court clears Expro sale to Candover-led group". Financial Times. Retrieved 18 June 2020 – via FT.com.
- ^ "PRESS DIGEST - Financial Times - June 27". Reuters.com. 26 June 2008. Retrieved 18 June 2020.
- ^ Ross Sorkin, Andrew (27 June 2008). "Judge Rejects Hedge Funds' Attempts to Block Candover-Expro Deal". The New York Times. Retrieved 1 July 2008.
- ^ "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.
- ^ "Expro and Frank's to Combine to Create a Leading Full-Cycle Service Provider". Expro. 11 March 2021. Retrieved 29 June 2022.
- ^ "Expro and Frank's Complete Merger, Creating a New Full-Cycle Energy Services Leader". www.businesswire.com. 1 October 2021. Retrieved 29 June 2022.
External links
[edit]
- Companies based in Reading, Berkshire
- Companies formerly listed on the London Stock Exchange
- Business services companies established in 1973
- 1973 establishments in England
- Oilfield services companies
- Engineering companies of the United Kingdom
- Privately held companies of the United Kingdom
- Technology companies established in 1973