Expro to Enhance Well Construction and Well Intervention & Integrity Offerings With Acquisition of Aberdeen Scotland-based Coretrax
Summary
HOUSTON--(BUSINESS WIRE)--Expro (NYSE: XPRO), a leading provider of energy services, today announced it had entered into a definitive agreement (subject to customary closing conditions and working capital adjustments) to acquire Coretrax, a technology leader in performance drilling tools and wellbore cleanup, well integrity and production optimization solutions, from an investment group led by Buckthorn Partners. Building on Coretrax’s successful 15-year history, the acquisition will accelerate the availability of the company’s innovative, high value-adding tools by leveraging Expro’s global operating footprint. Within Well Construction, the combination of Coretrax’s field proven technology offering with Expro’s existing drilling optimization portfolio provides a comprehensive solutions toolbox. “The integration of Coretrax’s leading technologies will strengthen our foothold in ESSA and MENA where both companies have strong, established positions, and is expected to open new avenues for growth in NLA and Asia-Pacific. The synergies between our respective technology portfolios will enable us to grow our market share while significantly increasing our capabilities to tackle the most complex well challenges.