Expro to acquire PRT Offshore for $106M in cash, stock

Expro announced it had entered into a definitive agreement to acquire offshore services provider, PRT Offshore. Total consideration to be paid at closing is approximately $106M, 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. Upon closing of the transaction, which is expected to be in the fourth quarter, the acquisition will enable Expro to expand its portfolio of cost-effective, technology-enabled services and solutions within the subsea well access sector in the North and Latin America, or NLA, region and accelerate the growth of PRT Offshore’s surface equipment offering in the Europe and Sub-Saharan Africa and Asia Pacific regions. PRT Offshore is based in Houston, Texas.