Expro Announces $50 Million Stock Repurchase Plan

Rhea-AI Summary

Expro Group Holdings N.V. (NYSE: XPRO) announced a new $50 million stock repurchase program set to conclude on November 24, 2023. This initiative aims to increase shareholder value and reflects management's confidence in the company's financial stability, underscored by a debt-free balance sheet and projected cash generation. The stock repurchases will be conducted at management's discretion, depending on market conditions. CEO Michael Jardon emphasized that this program represents a prudent use of capital in alignment with corporate strategy.

Positive

• Authorized a $50 million stock repurchase program to enhance shareholder value.
• Completion expected by November 24, 2023, indicating a proactive approach to capital management.
• Debt-free balance sheet suggesting financial stability and operational flexibility.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Expro Group Holdings N.V. (NYSE: XPRO) has announced that the Company’s Board of Directors has authorized a stock repurchase program, under which the Company may repurchase up to an aggregate of $50 million of its outstanding common stock until November 24, 2023 (the “Stock Repurchase Program”) in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. Under the Stock Repurchase Program, the Company may repurchase shares of the Company’s common stock in open market purchases, in privately negotiated transactions or otherwise. The Stock Repurchase Program will be utilized at management’s discretion and in accordance with federal securities laws. The timing and actual numbers of shares repurchased, if any, will depend on a variety of factors including price, corporate requirements, the constraints specified in the Stock Repurchase Program along with general business and market conditions. The Stock Repurchase Program does not obligate the Company to repurchase any particular amount of common stock, and it could be modified, suspended or discontinued at any time.

“We view the repurchase of our shares as an attractive and prudent use of our capital that is in the best interests of our shareholders. With a debt-free balance sheet, ample available liquidity, strong signals of a multi-year energy services recovery, and an expectation that the Company will be cash generative, the Stock Repurchase Program approved by Expro’s Board of Directors allows us to opportunistically increase shareholder value, while maintaining sufficient cash resources to fund our business needs,” said Michael Jardon, Expro’s Chief Executive Officer.

This press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of Expro’s stock.

About Expro:

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.

With roots dating to 1938, Expro has approximately 7,200 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.

For more information, please visit: expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

Cautionary Statement Regarding Forward-Looking Statements:

This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the Company’s business outlook, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," “may,” “could,” "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond the Company’s control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s most recent Annual Report on Form 10-K as well as other risks and uncertainties set forth from time to time in the reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220616005903/en/

Karen David-Green – Chief Communications, Stakeholder & Sustainability Officer

InvestorRelations@expro.com

+1 281 994 1056

Source: EXPRO Group

FAQ

What is the purpose of Expro's $50 million stock repurchase program?

The program aims to increase shareholder value by repurchasing outstanding common stock.

When will Expro's stock repurchase program end?

The stock repurchase program is set to conclude on November 24, 2023.

How much stock will Expro repurchase under the new program?

Expro has authorized a repurchase of up to $50 million of its outstanding common stock.

What financial condition supports Expro's buyback initiative?

Expro has a debt-free balance sheet and expects to generate cash, supporting the buyback.

How will Expro execute its stock repurchase program?

The repurchases may occur through open market purchases or privately negotiated transactions.