UK-headquartered energy services provider Expro has completed the acquisition of Houston-based offshore services provider PRT Offshore, said to enable the company to enhance its portfolio of services and solutions within the subsea well access sector in North and Latin America.
The acquisition is also expected to accelerate the growth of PRT Offshore’s surface equipment offering in the Europe and Sub-Saharan Africa (ESSA) and Asia Pacific (APAC) regions.
The total consideration to be paid at closing is approximately $106 million, including $62 million of cash and $44 million of newly issued Expro shares.
Potential additional consideration will be based on PRT Offshore’s financial performance during the four quarters following closing. Excluding possible cost and revenue synergies, total consideration is expected to be approximately 4.0x PRT Offshore’s estimated 2023 and 2024 Adjusted EBITDA.
PRT Offshore employs approximately 90 people across Texas and Louisiana in the U.S.
“This is an exciting day for both PRT Offshore and Expro as we strengthen and expand our subsea well access technology offering while continuing to deliver value to our customers across the life of their wells,” said Michael Jardon , Expro Chief Executive Officer.
“Our subsea well access portfolio has a well-established global footprint, especially in the ESSA and APAC regions. We believe this will offer significant growth opportunities for PRT Offshore in these attractive markets. Simultaneously, Expro plans to leverage PRT Offshore’s strong position in deepwater offshore well completion and intervention across the NLA region to provide integrated solutions to our customers.”
Expro announced the acquisition in August.
RBC Capital Markets is serving as exclusive financial advisor to Expro and Womble Bond Dickenson is acting as legal counsel on the transaction.