Expro announces a major new investment programme that will reinforce the group’s leading position as a supplier of innovative technology and specialist services to the upstream oil and gas sector.
The programme includes expanding the group’s established fleet of Subsea Safety Tools and Well Test Packages, augmented by the globalisation of the group’s strong DST heritage and emerging, innovative telemetry capability. Investments are also being made to fuel specific customer growth initiatives in the Wireline and Production Systems product lines as well as new product developments in Production Surveillance (Multi phase metering) and Fluid Analysis.
The funds for the programme are being provided by a $250m equity injection from the group’s shareholders, who are keen to ensure that the group has the resources to fully exploit the favourable market conditions. Additional flexibility and the opportunity to accelerate growth has also been provided by increased covenant headroom under the Mezzanine Facility Agreement and the expansion of the group’s Revolving Credit Facility from $100m to $160m.
Commenting upon the investment programme, Charles Woodburn CEO said, “ This is excellent news and demonstrates the shareholders continued confidence in the group, and the ability of our people to deliver a uniquely personalised customer service to the highest standards of safety and quality. Last year they backed the acquisition of PTI entirely from new equity, this year they are backing our organic growth plans in the same way. This puts us in a strong position to invest in our business to take full advantage of the upturn in the market ”.
[mappress] Source: Expro, June 20 , 2011;