Last checked at 12 Jun 2008 07:00
12 June 2008
EXPRO INTERNATIONAL GROUP PLC
Acquisition of the Oil and Gas metering business of CiDRA Corporation
Expro International Group PLC ("Expro" or the "Group") 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 the Group'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."
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For further information please contact:
| Expro International Group PLC | 0118 959 1341 |
| Graeme Coutts, Chief Executive Officer | |
| Michael Speakman, Finance Director | |
| Edward Cutts, Investor Relations | |
| Weber Shandwick Financial | 020 7067 0700 |
| Nick Oborne / Rachel Martin / Stephanie Badjonat / Hannah Marwood |
Notes to Editors
Expro's business is well flow management. Expro is a leading provider of products and services that measure, improve, control and process flow from high-value oil and gas wells. Key niche businesses must be able to command and sustain market share leadership through a combination of technological pre-eminence and/or operational economies of scale. They will have a high knowledge and service content and will be able to anticipate, meet and exceed customers' expectations. With its head office in the UK, Expro employs more than 4,000 highly-trained staff in 50 countries. For more information, please visit the Expro website www.exprogroup.com.