Expro, a UK-based energy services provider, has successfully completed its acquisition of PRT Offshore, an offshore services provider headquartered in Houston. This acquisition is expected to bolster Expro's portfolio of services in the subsea well access sector in North and Latin America, while also accelerating PRT Offshore's surface equipment offerings in the Europe and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions.
The total consideration for the acquisition is approximately $106 million, comprising $62 million in cash and $44 million in newly issued Expro shares. Additional payments may be determined based on PRT Offshore's financial performance during the four quarters following closing. Excluding synergies, the total consideration is projected to be around 4.0x PRT Offshore's estimated 2023 and 2024 Adjusted EBITDA.
PRT Offshore, with around 90 employees in Texas and Louisiana, specializes in deepwater offshore well completion and intervention. The acquisition aims to expand both companies' subsea well access technology offerings and provide integrated solutions to customers across various regions.
Michael Jardon, CEO of Expro, expressed excitement about strengthening their subsea well access technology and expanding their global footprint in ESSA and APAC markets through this acquisition.
RBC Capital Markets acted as Expro's exclusive financial advisor, and Womble Bond Dickenson provided legal counsel for the transaction.