Expro Enhances Well Construction Portfolio With Acquisition of DeltaTek Global

Rhea-AI Summary

Expro (NYSE: XPRO) has announced the acquisition of cementing specialist DeltaTek Global. This strategic move enhances Expro's capabilities in the well construction cementing sector and supports DeltaTek's international expansion goals using Expro's global network. DeltaTek, based in Aberdeen, focuses on low-risk cementing technologies, improving operational efficiency and cost-effectiveness. Expro's acquisition aims to streamline the deployment of DeltaTek's innovative solutions across various markets including the Gulf of Mexico and Asia Pacific. The CEO of DeltaTek expressed optimism for leveraging Expro's customer base to enhance service adoption.

Positive

• Acquisition expands Expro's cementing technology portfolio.
• Enhances operational efficiency and cost savings with DeltaTek's solutions.
• Facilitates DeltaTek's international growth via Expro's global presence.

Negative

• None.

DeltaTek’s cementing technologies expand client offering

HOUSTON--(BUSINESS WIRE)-- Energy services provider, Expro (NYSE: XPRO), today announced the acquisition of well construction cementing specialists DeltaTek Global (“DeltaTek”).

Tristam Horn, DeltaTek CEO and founder alongside Expro's Chief Operating Officer, Alistair Geddess (Photo: Business Wire)

The acquisition allows Expro to broaden its offering, capabilities, and technology portfolio within the well construction cementing sector, while accelerating DeltaTek’s international deployment ambitions through Expro’s global footprint.

Expro’s Chief Technology Officer Steve Russell said: “This is an exciting transaction for Expro that we believe will deliver real value to our combined customer base. The DeltaTek range of low-risk open water cementing solutions increases clients’ operational efficiency, delivers rig time and cost savings, and improves the quality of cementing operations for our clients.

“Today’s announcement expands our well construction cementing capabilities through DeltaTek’s open water cementing systems and techniques. These strengths, technologies and ambitions complement Expro and we are delighted to welcome the DeltaTek team to the Expro family.”

Aberdeen based DeltaTek has an experienced leadership team focused on developing and deploying cementing technologies to the offshore market, with operations across the UK, Norway, the Gulf of Mexico, West Africa and Asia Pacific.

Commenting on the acquisition, Tristam Horn, CEO and founder, said: “The team and I are delighted to announce this milestone for DeltaTek. To join Expro, a leader in the industry, is a monumental moment for the company, our existing clients, and the wider industry as we continue to innovate and grow the Cure and ArticuLock portfolios to directly address well construction challenges. With Expro’s global footprint and strong customer base, we expect to deliver our technology to all operators across the entire well construction market through existing Expro channels, simplifying the global adoption of our value-adding services for our customers.”

NOTES TO EDITORS:

About Expro

Working for clients across the well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company believes 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 7,600 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.

About DeltaTek

With advanced downhole technologies, DeltaTek’s mission is simple: to deliver ultimate cement placement. Founded in 2015, and with a team of 15, DeltaTek has developed technologies which are deployable to all well construction projects, for subsea, platform or land cementing operations.

This year the team is a finalist in the Innovator, Exceptional Impact Company – SME and Young Professional categories of the 2023 Offshore Achievement Awards as well as a finalist in the Innovation category at the Northern Star Awards and ranked in the Elite Business 100 Awards.

SPECIAL NOTE 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 success of the DeltaTek acquisition, and the Company’s environmental, social and governance goals, targets and initiatives, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "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 our 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 Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230207006078/en/

Expro: Kay Drummond kay.drummond@expro.com



Fifth Ring for Expro: Andy Groundwater andy.groundwater@fifthring.com +44 1224 628088



DeltaTek: Leigh-Ann Rogie +44 1224 623960; leigh-ann@thinkpr.co.uk; or Annabel Sall +44 1224 623960 / 07775 868580; annabel@thinkpr.co.uk

Source: Expro

FAQ

What is the significance of Expro's acquisition of DeltaTek Global?

The acquisition enhances Expro's cementing capabilities, expanding its technology portfolio and supporting DeltaTek's international expansion.

How will DeltaTek's acquisition impact Expro's market position?

This acquisition positions Expro to better serve its clients with improved cementing technologies and operational efficiencies.

What technologies does DeltaTek bring to Expro through the acquisition?

DeltaTek offers advanced low-risk open water cementing solutions that improve operational efficiency and reduce costs.

When was the acquisition of DeltaTek Global announced?

The acquisition was announced on February 7, 2023.