Baker Hughes and Expro form QuantX Wellbore Instrumentation
Baker Hughes is forming a venture with Expro International Group PLC to be named QuantX Wellbore Instrumentation, which will serve the rapidly growing permanent in-well monitoring market.
QuantX, which will be owned equally by Baker Hughes and Expro, will be formed by combining Expro's existing permanent monitoring business with Baker Hughes' In-Form product line and Expro will receive $30 million from Baker Hughes. The venture, which will combine leaders in well completion technology and permanent well-data acquisition systems, will be headquartered in Houston, Texas and have a major operating facility in Aberdeen, Scotland.
"The QuantX venture will be a leader in advancing permanent in-well monitoring technology. Integrating Expro's capability to measure real-time reservoir performance with Baker Hughes intelligent well completions presents an important enhancement to our clients project economics, particularly in the deepwater," said Michael E. Wiley, Chairman, President and Chief Executive Officer of Baker Hughes Incorporated.
John Dawson, Chief Executive of Expro, said today: "We are delighted with this deal, which we believe will be an exciting opportunity for both Expro and Baker Hughes. The venture will enable Expro and Baker Hughes to provide a more extensive product range to their clients in a rapidly developing market through an enhanced global distribution and sales network."
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