Emerging with a Stronger and More Sustainable Capital Structure
Aberdeen, Scotland, February 5, 2018 – Leading international oilfield services company, Expro, announced today that it has successfully completed its financial restructuring, providing the Company with a stronger and more sustainable financial foundation to grow the business.
The financial restructuring eliminated Expro’s entire $1.4 billion of funded debt, including the associated $80 million of annual interest payments, leaving the Company with a fully deleveraged balance sheet. Additionally, Expro has raised $200 million in equity from its new shareholders, which ensures that the Company exits this process in the best possible position for long-term business development and growth.
The Chapter 11 “prepackaged” plan of reorganization was completed in just 50 days, without any interruption to normal business operations or relationships with employees, customers, suppliers, or business partners.
Mike Jardon, Expro’s Chief Executive Officer, commented:
“From the outset, our goal has been to deliver a strong capital structure from which to grow our business. It allows us to focus on our commitment to customers, delivering the very highest standards of safety and service quality, while investing in important new technology solutions.
“As the industry shows signs of increased activity this year, this has been an important milestone to achieve, quickly and efficiently. I’d like to thank everyone who has supported such a positive outcome, without any interruption to our business or stakeholders. This indicates the strength of our Company and reputation in the marketplace.
“We look forward to working with our new shareholders, who are fully committed to the Company’s success. Their support has delivered the investment needed to realize our growth plans and, alongside the experience and energy of our employees, will help us to achieve the exciting vision that we have for the future.”
Information about Expro’s restructuring is available at www.exprogroup.com/finrestructuring.
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 optimization and enhancement.
For more information, please visit: www.exprogroup.com/about-us.
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