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Expro (XPRO) Boosts Subsea Offerings Through PRT Acquisition
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Energy services provider Expro Group Holdings N.V. (XPRO - Free Report) closed its previously announced acquisition of 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 considerations linked to PRT Offshore's financial performance during the four quarters following the closure.
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 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’s 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 #5 (Strong Sell) 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).
Pioneer Natural Resources (PXD - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters at an average of 4.3%.
PXD is valued at around $52.3 billion. Pioneer Natural Resources has seen its shares go down 11% in a year.
CVR Energy (CVI - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. Over the past 60 days, CVR Energy saw the Zacks Consensus Estimate for 2023 move up 26.4%.
CVR Energy is valued at around $3.4 billion. CVI has seen its shares drop 2.4% in a year.
Matador Resources (MTDR - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. Over the past 60 days, Matador Resources saw the Zacks Consensus Estimate for 2023 move up 4.3%.
Matador Resources is valued at around $6.8 billion. MTDR has seen its shares lose 5.4% in a year.
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Expro (XPRO) Boosts Subsea Offerings Through PRT Acquisition
Energy services provider Expro Group Holdings N.V. (XPRO - Free Report) closed its previously announced acquisition of 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 considerations linked to PRT Offshore's financial performance during the four quarters following the closure.
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 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’s 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 #5 (Strong Sell) 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.
Pioneer Natural Resources (PXD - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters at an average of 4.3%.
PXD is valued at around $52.3 billion. Pioneer Natural Resources has seen its shares go down 11% in a year.
CVR Energy (CVI - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. Over the past 60 days, CVR Energy saw the Zacks Consensus Estimate for 2023 move up 26.4%.
CVR Energy is valued at around $3.4 billion. CVI has seen its shares drop 2.4% in a year.
Matador Resources (MTDR - Free Report) : It beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters. Over the past 60 days, Matador Resources saw the Zacks Consensus Estimate for 2023 move up 4.3%.
Matador Resources is valued at around $6.8 billion. MTDR has seen its shares lose 5.4% in a year.