Expro (XPRO) Set to Buy PRT Offshore, Strengthen Portfolio
Energy services provider Expro Group Holdings N.V. XPRO recently agreed to snap up Houston, TX-based PRT Offshore for a total consideration of approximately $106 million. The amount includes $62 million in cash plus $44 million worth of newly issued Expro shares. There might be additional consideration linked to PRT Offshore's financial performance during the four quarters following closing.
PRT Offshore, with its all-encompassing Hook-to-Hanger solution, is the only firm that facilitates comprehensive well completions, interventions, and decommissioning services from surface to subsea. This innovative system ensures safe and efficient wellbore access, while reducing the need for personnel onboard. PRT Offshore employs around 90 people across Texas and Louisiana.
The transaction — expected to be finalized in the fourth quarter — marks Expro's foray into enhancing its subsea well access offerings and expanding its portfolio of services across the key North and Latin America regions. Moreover, growth of PRT Offshore's surface equipment solutions in the Europe and Sub-Saharan Africa and Asia Pacific regions will get a leg-up.
Highlighting the synergy between the companies' offerings, Expro management believes that the acquisition will enhance their subsea well access technology offerings and provide improved solutions to clients across a wider geographic footprint.
About Expro
Expro is a trusted name in the energy services sector, offering cost-effective and innovative solutions throughout the well life cycle. With a focus on safety and service quality, the company provides comprehensive capabilities in well construction, well flow management, subsea well access, and well intervention and integrity solutions.
Zacks Rank & Stock Picks
Expro carries a Zacks Rank #3 (Hold) at present. Meanwhile, investors interested in the energy sector might consider the operators mentioned below. These companies currently sport a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
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Helix Energy Solutions Group HLX: Over the past 30 days, Helix Energy Solutions Group saw the Zacks Consensus Estimate for 2023 move up 4.3%. The 2023 Zacks Consensus Estimate HLX indicates 200% year-over-year earnings per share growth.
Helix Energy Solutions Group is valued at around $1.4 billion. HLX has seen its shares surge 105.2% in a year.
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CVR Energy Inc. (CVI) : Free Stock Analysis Report
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Expro Group Holdings N.V. (XPRO) : Free Stock Analysis Report
