U.S.-based oilfield services provider Expro has completed the acquisition of U.K. company Coretrax, expanding its market presence and product offerings.
The acquisition of Coretrax, from an investment group led by Buckthorn Partners, will enable Expro to expand its portfolio of well construction and well intervention and integrity solutions.
Total consideration paid at closing was comprised of $75 million of cash and 6.75 million newly issued Expro common shares. The effective date of closing was May 1, 2024, Expro said.
"Integrating Coretrax’s leading technologies will strengthen our current foothold in the Europe and Sub-Saharan Africa and Middle East and North Africa regions and is expected to open new avenues for growth in North and Latin America and Asia-Pacific.
“We look forward to leveraging the complementary capabilities and customer relationships of Expro and Coretrax to deliver additional value to our customers and other stakeholders,” said Michael Jardon, Expro Chief Executive Officer.
“This marks the beginning of a brand-new chapter for Coretrax as we unite with Expro to expand our capabilities. Completing this agreement means both organizations working in sync to take on the most complex well challenges.
“We are proud of our innovation-led approach, strong customer base and performance history as we join forces with Expro to create greater value for customers around the globe,” added John Fraser, CEO at Coretrax.
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