Expro said that the proposed cash-free, debt-free acquisition would enhance its existing role in the upstream sector. PWS' operations include a global well testing business and a regional fluids analysis business, along with choke equipment supply and related services to the land well market in the U.S. PWS is a portfolio company of private equity firm First Reserve Corp.
"[Expro] has had an excellent year both in terms of its financial performance as well as continuing to deliver on our strategic objectives,” said Graeme Coutts, Expro’s chief executive. “ I am therefore delighted to announce the proposed Acquisition of PWS, a global business which is highly complementary to Expro's and which will significantly enhance our market position and global offering.”
Coutts added that Expro has sought to develop market-leading businesses based on technology innovation. “This proposed acquisition will further that strategy,” he said. “The company's existing well testing activities and those of PWS are geographically complementary, and PWS' strong presence in several key markets and key customer relationships will provide enhanced growth opportunities for the company's other services. The acquisition is a significant opportunity for the company, at a time when the outlook for the upstream service sector is particularly positive."
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