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  • Expro and Frank’s Complete Merger, Creating a New Full-Cycle Energy Services Leader
    édité le 04/10/2021 - Plus de news de "EXPRO" - Voir la fiche entreprise de "EXPRO"

Expro and Frank’s Complete Merger, Creating a New Full-Cycle Energy Services Leader
Expro Group, an international energy services company with market leadership in well access and well flow optimization, today announced it has completed its previously announced merger with Frank’s International N.V. (NYSE: FI), a global oil services company offering a broad range of highly engineered drilling and completions solutions and services.

The combined company has assumed the Expro Group Holdings N.V. name and will begin trading on the New York Stock Exchange on October 4, 2021 under the ticker symbol “XPRO.” In connection with the close of the transaction, Frank’s common stock ceased trading on the New York Stock Exchange under the ticker symbol “FI” as of the close of trading on October 1, 2021.

“This is an exciting day for Expro and Frank’s as we bring our companies together to create a new global leader with the breadth of capabilities and expertise across the well lifecycle to better support customers,” said Mike Jardon, Chief Executive Officer of Expro. “I would like to thank everyone at Expro and Frank’s for their great work in completing the transaction, planning for a successful integration, and positioning the combined company for long-term success. This is where the talented teams come together and we look forward to continuing to deliver cost-effective, innovative technologies and solutions, and best-in-class safety and service quality performance to our customers, all while advancing our commitment to creating a more sustainable business and lower carbon future. With our broad portfolio of services and solutions, enhanced scale, global operating footprint and strong, debt-free balance sheet, Expro is well positioned for an expected industry recovery and is well positioned to deliver compelling value for shareholders.”

Expro presents an attractive investment opportunity due to its:

   - Leading position in large addressable markets, balanced business mix and global operating footprint;
   - Ability to deliver cost-effective, innovative solutions to an expanded customer base and enhance relationships with key International Oil Companies, National Oil Companies, Independent operators and service partners;
   - Material exposure to an expected increase in production enhancement activity and an opportunity to capture significant cost and revenue synergies, which collectively provide scope for near-term revenue momentum, margin expansion and increased cash flow;
   - Robust technology portfolio and innovation pipeline to capitalize on the digital transformation, facilitate the energy transition, and deliver on the promise of a lower carbon future, including through the company’s commitment to achieve a 50% reduction in carbon intensity by 2030, and net zero CO2e emissions by 2050;
   - Strong financial profile, which reduces risk and increases strategic flexibility, including the ability to selectively participate in smart, synergies-focused consolidation; and
   - Dedication to governance best practices, with all Board Committees comprising only independent directors, with no dual class shares, poison pill or supermajority provisions, as well as a commitment to regular Board refreshment and diversity.

About Expro

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and best-in-class safety and service quality. The company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well integrity and intervention.

Founded in 1938, Expro has more than 6,500 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries with over 100 locations.

Origine : Communiqué EXPRO

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