U.S.-headquartered energy services provider Expro has brought Enhanced Well Technologies Group (Enhanced Drilling) into its fold, extending its drilling technology capabilities.
Expro has completed the acquisition of Enhanced Drilling for approximately NOK 2 billion in cash (around $215 million) plus customary closing and working capital adjustments.
The company claims this addition enables it to become a leading provider of next-generation drilling technologies, involving managed pressure drilling (MPD), inclusive of controlled mud level drilling (CML), and riserless mud recovery.
Michael Jardon , Chief Executive Officer, commented: “We are pleased to welcome the Enhanced Drilling team to Expro. This is a strong strategic fit that adds a differentiated capability to our portfolio and strengthens our position in technically demanding offshore markets.
“Their MPD technologies align with our focus on helping customers improve efficiency, manage risk, and deliver wells with greater certainty. Together, we are well positioned to expand access to these solutions across additional regions, including West Africa, Latin America and Asia Pacific.”
The plan for the future entails increasing the market penetration of Enhanced Drilling’s offerings, as it operates primarily offshore Norway and in the Gulf of America (U.S. Gulf of Mexico).
This will be accomplished through Expro’s strategy of globalizing acquired technologies and services, as the company sees growth opportunities in other areas around the world such as Brazil, other South American regions, West Africa and Australia.
Last year, the firm reported a milestone in deepwater well construction, using its advanced Blackhawk Gen III wireless top drive cement head with SKYHOOK technology aboard Transocean’s Deepwater Titan eight-generation ultra-deepwater drillship in the Gulf of America, enhancing rig safety and efficiency.
Expro also recently picked up a contract extension in the U.S. Gulf with an estimated total value of up to $25 million.