Expro Completes PWS Acquisition
Expro International Group has completed the acquisition of PowerWell Services (PWS), a leading supplier of well testing and other flow management products and services to the global oil and gas industry for $674.5 million (£366.0 million).
Expro announced in June its intention to acquire the US-based competitor and all legal requirements have now been fulfilled.
PWS's operations include a global well testing service and a regional fluids analysis business, and the leading severe service choke equipment supply and related services to the land well market in the USA. PWS also owns Petrotech ASA, a provider of specialised fluids sampling, analysis, metering and interpretation services.
The acquisition will enable Expro to accelerate its growth and enhance its international footprint through the combination of well testing and related services business, thereby creating a leading global provider of exploration and production well testing and clean-up services. The Group believes that considerable opportunities exist to further promote PWS's technology and to utilise shared knowledge and research resources in the future.
Graeme Coutts, Chief Executive of Expro, commented: "I am delighted to announce the acquisition of PWS, a business which is highly complementary to Expro's and which will significantly enhance our market position and global capability. We are confident this will increase our ability to meet the needs of our clients and to deliver new technology offerings."
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