Expro Announces Acquisition of the Oil and Gas Metering Business of CiDRA Corporation
12th June 2008
12 June 2008
International oilfield service company Expro announces today that it has agreed to acquire the oil and gas metering business of CiDRA Corporation, based in Connecticut, USA.
The acquisition of this oil and gas metering business, for USD 60.5 million cash consideration, will form the basis for a new business that will be called Expro
Meters. Expro Meters will develop, manufacture and sell an innovative range of robust and cost-effective flow meters for the oil and gas market, in addition to providing production testing services on a rental basis.
This acquisition fits Expro's mission exactly and is a logical incremental extension to Expro’s well flow management capability. It has the ideal
characteristics for Expro's technology bolt-on acquisition strategy and will enable Expro to take ownership of a range of proprietary flow meter technology that is based on non-intrusive flow measurement of wet gas and bubbly liquids.
The non-intrusive, clamp-on design of the new flow meters enables them to be deployed on new or existing installations, and inherently lowers both the technical risks and operating costs associated with flow measurement.
Graeme Coutts, Expro's CEO, said: “This acquisition is fully aligned to our mission of well flow management. Expro Meters will become a new tool in Expro's
well flow management toolkit. The technical and operational superiority of this innovative range of products will provide a step change in metering in the oilfield.”