Halliburton Tests the Waters with Expro, Proposes 1.7B Pounds

On April 17, 2008, the Board of Umbrellastream Limited announced that they had reached agreement on the terms of a recommended cash acquisition of the entire issued and to be issued Expro Shares at a price of 1435 pence in cash for each Expro Share, valuing the entire issued and to be issued share capital of Expro at approximately 1,605 million, subject to the satisfaction of certain conditions to be effected by a court-sanctioned scheme of arrangement.

On April 18, 2008, Halliburton Company announced that it had been in discussions with the board of Expro which may or may not lead to an offer being made for Expro. The Independent Directors have now received a proposal from Halliburton indicating that Halliburton is prepared to offer a price of 1,525 pence in cash for each Expro Share, valuing the entire issued and to be issued share capital of Expro at approximately 1,705 million. The Proposal does not amount to a firm intention to make an offer and is subject to certain pre-conditions.

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