U.S.-based oilfield services company Expro has completed its acquisition of Norwegian managed pressure drilling (MPD) specialist Enhanced Drilling for approximately $208 million (NOK 2 billion), expanding its portfolio with drilling technologies aimed at improving well construction in complex offshore environments.
The acquisition adds Enhanced Drilling's managed pressure drilling and riserless mud recovery (RMR) technologies to Expro's offering, enabling the company to support customers earlier in well planning and design while helping reduce drilling risk, improve execution and lower overall well costs.
Enhanced Drilling, headquartered in Norway, has deployed its proprietary MPD and RMR technologies primarily in the North Sea, Caspian Sea and Gulf of America, and the acquisition strengthens Expro's presence in the Norwegian offshore market while broadening its customer base.
Expro said it plans to use its global operating footprint to expand deployment of the technologies into other offshore regions, including West Africa, Latin America and Asia Pacific.
The transaction marks a significant expansion of Expro's well construction capabilities, adding a complementary service line to its portfolio spanning the well lifecycle.
“We are pleased to welcome the Enhanced Drilling team to Expro. This is a strong strategic fit that adds a differentiated capability to our portfolio and strengthens our position in technically demanding offshore markets. Their MPD technologies align with our focus on helping customers improve efficiency, manage risk, and deliver wells with greater certainty. Together, we are well positioned to expand access to these solutions across additional regions, including West Africa, Latin America and Asia Pacific,” said Michael Jardon, Expro Chief Executive Officer.
“Joining Expro marks an important milestone for Enhanced Drilling. As part of a global organization with deep operational expertise and long-standing customer relationships, we are well positioned to scale our technologies and broaden their application across international markets,” added Kjetil Lunde, Chief Executive Officer at Enhanced Drilling.