Energy services firm Expro (NYSE: XPRO) has completed its $210m deal to buy Aberdeenshire drilling tech company Coretrax.
Expro said the deal to buy the Portlethen firm from Buckthorn Partners, will enable it to expand its portfolio of well construction and intervention services in new geographies.
Expro chief executive Michael Jardon hailed the tie up as an “exciting day”.
© Supplied by ExproHe said: “This is an exciting day as we officially welcome John Fraser and his Coretrax teammates to the Expro family.
“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.”
New chapter
John Fraser, CEO at Coretrax added, “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.”
Based out of Portlethen, Coretrax has a headcount of 320 people and had been majority owned by private equity group Buckthorn since 2018.
The cash and shares deal announced in February comprised of $75m of cash and 6.75 million newly issued Expro common shares.