Expro Announces Agreement with Majority of its Senior Lenders and Shareholders to Create Sustainable Capital Structure

8th December 2017

Expro Announces Agreement with Majority of its Senior Lenders and Shareholders to Create Sustainable Capital Structure

Fully deleveraged balance sheet and new capital infusion

Aberdeen, Scotland, December 8, 2017 – Leading international oilfield services company, Expro, announced today that it has reached an agreement with parties that hold or control approximately 65% of its first lien debt and more than 92% of its ordinary shares to eliminate its debt and related interest costs, establish a more sustainable capital structure, and provide access to significant additional capital. The Company also reached a forbearance agreement with sufficient lenders to allow for implementation of this transaction.

Specifically, the parties have agreed to eliminate $1.4 billion of funded debt through an equity conversion, fully deleveraging Expro’s balance sheet. Expro will also receive an equity commitment for $200 million through a rights offering to provide the Company with additional liquidity and greater financial flexibility going forward.

“The restructuring activities allow us to focus on Expro’s continued growth, including investment in customer-focused technology solutions that support ongoing exploration, development, and production,” commented Michael Jardon, Chief Executive Officer of Expro. “We greatly appreciate the support offered by our senior lenders and shareholders as well as the infusion of new capital.”

Expro expects to complete this process in approximately 90 days with its lenders’ and shareholders’ support. The Company expects there will be no impact on its day-to-day business operations, including relationships with employees, customers, and suppliers.

About Expro

Expro’s mission is well flow management.  We provide services and products that measure, improve, control and process flow from high-value oil and gas wells, from exploration and appraisal through to mature field production optimisation and enhancement.

For more information, please visit: www.exprogroup.com/about-us

For Media Inquiries

Expro – Kay Marshall                                                 +44 (0) 1224 225 700

Fifth Ring – Andrew Bradshaw                                   +44 (0) 1224 626 288

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