Expro Announces Acquisition of Leading Asia Business
26 July 2010International oilfield services company Expro today announces the conditional acquisition of the Production Testers International business (PTI) from Production Testers International (HK Ltd and Production Testers International Ltd).
PTI, based in Asia, is a leading well services business providing fast track production systems to the upstream oil and gas industry. PTI primarily designs, installs, commissions and operates production facilities and production optimisation systems for use in oilfield developments.
Completion of the acquisition is subject to fulfilment of a number of conditions which are expected to be satisfied within the next six weeks.
The acquisition will significantly expand Expro’s product and service capability and represents an excellent opportunity for Expro to accelerate its growth and enhance its market position consistent with its continuing strategy.
Graeme Coutts, Chief Executive and Executive Chairman of Expro, said: “I am delighted to announce the acquisition of PTI. PTI is a very well-run business. It has outstanding customer relationships and a work force that is highly regarded for its knowledge, professionalism and experience. The acquisition complements our strategy and service offering perfectly and provides us with a significant opportunity at a time when safer and enhanced recovery of reserves has never been more important.”