Expro to Grow Under New Investment Programme
21 June 2011
International oilfield services company Expro has announced a major new investment programme that will reinforce the company’s leading position as a supplier of innovative technology and specialist services to the upstream oil and gas sector.
The programme includes expanding Expro’s established fleet of subsea safety systems and well test packages, as well as globalisation of the group’s strong drill stem testing (DST) heritage and emerging, innovative telemetry capability.
Investments are also being made to fuel specific customer growth initiatives in the wireline and production systems product lines as well as new product developments in production surveillance (multi-phase metering) and fluid analysis.
The funds for the programme are being provided by a $250million (£154million) equity injection from the company’s shareholders. Additional flexibility and the opportunity to accelerate growth have also been provided by increased covenant headroom under the mezzanine facility and the expansion of the group’s revolving credit facility from $100million (£62million) to $160million (£98million).
Commenting upon the investment programme, Charles Woodburn, Expro’s chief executive officer said: "This is excellent news for Expro and our customers and demonstrates the shareholders continued confidence in Expro. We are now even better positioned to deliver our market-leading technology and uniquely personalised customer service to the highest standards of safety and quality.
"Last year they backed the acquisition of PTI entirely from new equity, this year they are backing our organic growth plans in the same way. This puts us in a strong position to invest in our business to take full advantage of the upturn in the market.”