Energy services provider Expro has completed the acquisition of Scotland-based Coretrax, a provider of performance drilling tools and wellbore cleanup, well integrity, and production optimization solutions.
The acquisition, from an investment group led by Buckthorn Partners, is expected to enable Expro to expand its portfolio of technology-enabled well construction and well intervention and integrity solutions.
The effective date of closing was May 1, 2024. Total consideration paid at closing comprised $75 million of cash and 6.75 million newly issued Expro common shares.
“We expect the acquisition to accelerate the growth of Coretrax’s innovative, high value-adding drilling optimization, well integrity and production enhancing technology solutions by leveraging Expro’s global operating footprint,” said Michael Jardon , Expro Chief Executive Officer.
“Integrating Coretrax’s leading technologies will strengthen our current foothold in the Europe and Sub-Saharan Africa and Middle East and North Africa regions and is expected to open new avenues for growth in North and Latin America and Asia-Pacific. We look forward to leveraging the complementary capabilities and customer relationships of Expro and Coretrax to deliver additional value to our customers and other stakeholders.”
To remind, Coretrax expanded its well-intervention capabilities by boosting its offering with a complementary technology from Wireline Drilling Technologies.
Following the acquisition, the well-lifecycle solutions provider secured a batch of new deals. These additions are said to enhance Coretrax’s current well integrity services, allowing the company to handle damaged wellbores and efficiently support highly deviated wells.