Expro acquires well intervention tech company
- Business & Finance
Oilfield services company Expro has acquired well intervention technology company Quality Intervention (QI).
QI is a Norwegian-based company founded in 2008 which provides a portfolio of products and services such as coiled tubing technology, annular integrity technology, and wellhead remediation tooling.
Expro said that the acquisition would enable them to extend its well intervention capability with proprietary technologies and expand into a $6.3 billion coiled tubing and pumping service sector.
Mike Jardon, Expro CEO, said: “As part of our strategy, we are committed to investing in innovation and developing new technologies to differentiate our offering. This acquisition allows us to enter the coiled tubing market and build on our existing well intervention portfolio, leveraging the expertise from both companies.
“Well intervention is a key part of Expro’s heritage and through the technologies and expertise QI brings to Expro, it will improve and enhance our business.”
Bjarne Langeteig, founder and CEO of QI, added: “We have been partnering with Expro for a year and we are delighted to be entering into this agreement. Since starting the business in 2008, we have been focused on being technology disrupters and challenging conventional practices in the well intervention market.”
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