Three giant energy firms are considering bids for Expro amid reports the service company has been put up for sale.
A £3billion price tag has allegedly been slapped on the oilfield specialist – which has bases in Aberdeen, Reading and Great Yarmouth.
Reports in America have linked Halliburton, GE and Schlumberger with bids, but Expro has refused to comment on any speculation.
City insiders say private equity group Arle Capital Partners is planning to either sell or float the company at some point this year.
Arle, private-equity firm Alpinvest Partners NV and Goldman Sachs Group Inc – which jointly own Expro – are working with Goldman and Deutsche Bank AG to advise on options.
It is understood that Arle is soliciting bids, while the other parties see an initial public offering as giving the best value.
Arle also refused to comment yesterday.
Investors in Expro, which is worth at least £3billion according to analysts, are yet to decide a formal timetable for the deal.
Candover, Goldman and Alpinvest bought Expro in 2008 after an intense bidding war with Halliburton.
Set up in Great Yar-mouth in 1973, Expro provides a range of oil and gas well management services across 50 countries.
Energy-services companies are attracting interest from potential acquirers as exploration expands in deepwater oil and gas fields and unconventional resources such as shale gas.
Deals currently in the pipeline include Amec’s £1.9billion takeover of Foster Wheeler,
London-listed Amec employs 29,000 people in around 40 countries and generates annual revenues of £4.2billion from markets including energy, mining and infrastructure.
Foster Wheeler has more than 13,000 staff in around 30 countries, including in Aberdeen and its operational HQ at Reading.
Amec says it has provisionally agreed the terms of a cash and shares deal to buy Foster Wheeler for nearly £2billion.
This would create a new company valued at £5billion.
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