Expro, a leading provider of energy services, announced it had entered into a definitive agreement (subject to customary closing conditions and working capital adjustments) to acquire offshore services provider, PRT Offshore.
Total consideration to be paid at closing is approximately $106 million, including $62 million of cash and $44 million of newly issued Expro shares. Potential additional consideration will be based on PRT Offshore’s financial performance during the four quarters following closing. Excluding possible cost and revenue synergies, total consideration is expected to be approximately 4.0x PRT Offshore’s estimated 2023 and 2024 Adjusted EBITDA.
Upon closing of the transaction, which is expected to be in the fourth quarter of 2023, the acquisition will enable Expro to expand its portfolio of cost-effective, technology-enabled services and solutions within the subsea well access sector in the North and Latin America (NLA) region and accelerate the growth of PRT Offshore’s surface equipment offering in the Europe and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions.
PRT Offshore is based in Houston, Texas and is the only company to provide a complete Hook-to-Hanger™ solution enabling comprehensive well completions, interventions and decommissioning services from surface to subsea. Its unique system is designed to allow customers to access the wellbore safely and efficiently, all while reducing personnel on board.
Courtesy of Expro.