Expro to Acquire PRT Offshore
Summary
Potential additional consideration will be based on PRT Offshore’s financial performance during the four quarters following closing. Excluding possible cost and revenue synergies, total consideration is expected to be approximately 4.0x PRT Offshore’s estimated 2023 and 2024 Adjusted EBITDA. Upon closing of the transaction, which is expected to be in the fourth quarter of 2023, the acquisition will enable Expro to expand its portfolio of services and solutions within the subsea well access sector in the North and Latin America (NLA) region and accelerate the growth of PRT Offshore’s surface equipment offering in the Europe and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions, the company said. Its system is designed to allow customers to access the wellbore safely and efficiently, all while reducing personnel on board. “Building on Expro’s 40-year track record in subsea, we feel confident PRT’s offering and expertise will complement our existing technology and result in improved services, enhanced solutions, and an even more robust geographic presence.