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Expro Unites with PRT Offshore in a Landmark $106 Million Deal
10/17/2023
- Expro finalizes the acquisition of PRT Offshore, strengthening its presence in subsea well access.
- The move is set to promote PRT Offshore equipment in Europe, Sub-Saharan Africa, and Asia Pacific.
- The $106 million deal integrates deepwater offshore expertise from both entities.
Expro recently announced its acquisition of PRT Offshore. This deal enhances Expro's technological capabilities in subsea well access, especially in North and Latin America. Additionally, it promotes the expansion of PRT Offshore's equipment in Europe, Sub-Saharan Africa, and the Asia Pacific.
Michael Jardon, Expro's CEO, sees this collaboration offering considerable growth for PRT Offshore. He highlighted the combined potential to deliver better integrated offshore solutions. The entire deal, which includes Expro shares, stands at an approximate value of $106 million. RBC Capital Markets acted as the financial adviser for Expro in this transaction.
About Expro
Expro, with a legacy dating back to 1938, serves clients across the entire well life cycle, boasting a workforce of about 7,600 employees worldwide. Expro offers solutions and products to the global energy industry. The company's expansion strategy focuses on enhancing its technological footprint and offering integrated solutions, which is evident from its recent acquisition of PRT Offshore.
About PRT Offshore
PRT Offshore is a prominent offshore services provider, specializing in well completion and intervention. With its strong positioning in North and Latin America, the company's collaboration with Expro is anticipated to redefine offshore operations in multiple international markets.
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Tenaris Acquires Mattr's Pipe Coating Division for $166 Million
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Tenaris has successfully finalized the purchase of Mattr's Pipe Coating Division, previously known as Shawcor, for a total of $182.6 million. This figure includes working capital and $16.9 million in cash. Announced back on August 14, 2023, the acquisition has now received the green light from regulatory bodies in both Mexico and Norway.
Peyto Completes $468MM Purchase of Repsol's Canadian Assets
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Peyto Exploration & Development Corp., a notable natural gas producer in Canada, has secured a significant acquisition deal with Repsol, a Spanish energy conglomerate, for its Canadian assets at $468 million. This acquisition is a deviation from Peyto's traditional approach of smaller, bolt-on acquisitions, reflecting a strategic evolution aimed at positioning the company to take advantage of the anticipated changes in North America's ability to export oil and gas by 2025.
Tenaris has successfully finalized the purchase of Mattr's Pipe Coating Division, previously known as Shawcor, for a total of $182.6 million. This figure includes working capital and $16.9 million in cash. Announced back on August 14, 2023, the acquisition has now received the green light from regulatory bodies in both Mexico and Norway.
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Baytex Energy Corp., a prominent oil and gas company, has struck a deal to sell part of its Viking assets located in Forgan and Plato, southwest Saskatchewan. The transaction sealed at CAD 153.8 million (approximately US$113.23 million).
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/206Blog_Endeavor Energy’s Value Nearing 30 Billion.png)
This summer, J.P. Morgan Securities highlighted Endeavor Energy Resources as the Midland Basin's standout in mergers and acquisitions, suggesting its value might approach $30 billion. Endeavor Energy Resources, a privately-owned entity in Midland focusing solely on its operations, has seen a significant uptick in production. It now boasts a production rate of 331,000 barrels of oil equivalent per day (boe/d), marking a 25% increase from the previous year.