Expro to enhance well construction, well integrity offerings with $210 million Coretrax acquisition
(WO) – Expro has entered into a definitive agreement to acquire Coretrax, a technology leader in performance drilling tools and wellbore cleanup, well integrity and production optimization solutions, from an investment group led by Buckthorn Partners.
Total consideration to be paid at closing is approximately $210 million, including at least $75 million of cash and up to 6.75 million newly issued Expro common shares. Excluding possible cost and revenue synergies, total consideration is approximately 4.7x Coretrax’s estimated 2024 Adjusted EBITDA. Expro is targeting up to $10 million of annual run-rate cost synergies to be achieved in the first 18 months.
The acquisition of Coretrax will enable Expro to expand its portfolio of cost-effective, technology-enabled well construction and well intervention & integrity solutions, particularly across the North and Latin America, Europe and Sub-Saharan Africa and Middle East and North Africa regions. Building on Coretrax’s 15-year history, the acquisition will accelerate the availability of the company’s high value-adding tools by leveraging Expro’s global operating footprint.
Within well construction, the combination of Coretrax’s field proven technology offering with Expro’s existing drilling optimization portfolio provides a comprehensive solutions toolbox. These solutions include the DAV-MX downhole circulation tool, the HyPR Holesaver hydraulic pipe recovery system, and the Activated Drilling Scrapper (ADS) debris recovery system. Within well intervention & integrity, Coretrax’s brings its best-in-class expandables business, which includes the only expandables solution that can be deployed on any of three conveyance systems (coil tubing, wireline or drill pipe).
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions. 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 8,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.
Headquartered in Aberdeen, UK, Coretrax operates globally with over 50 technologies and an intellectual property portfolio of 280+ patents across the full lifecycle of the well. These technology-enabled services provide cost-effective, high impact, safe solutions to the customer. Coretrax employs approximately 320 people across 11 global locations.
