Expro Group and Frank's International have announced a definitive agreement under which the companies will combine in an all-stock transaction. On the closing of the transaction, Expro shareholders will own approximately 65% of the combined entity, with Frank's shareholders owning approximately 35%.
The combination brings together two companies with decades of market leadership, best-in-class safety and service quality performance, exceptional talent and global capabilities in well construction, well flow management, subsea well access, well intervention and production services.
With a broad range of complementary, highly specialised equipment and services, the combined company will provide customers with cost-effective, innovative solutions across the well lifecycle, driving a stable, diverse revenue mix.
The combined company will have a strong, debt-free balance sheet, robust order backlog, more than US$1bn (£718.2bn) of pro forma annual revenue as well as an ability to generate through-cycle free cash flow and growth.