International oilfield services company Expro has acquired 100% of the equity of technology company Quality Intervention AS (QI).
The Norwegian-based company was founded in 2008 and provides a portfolio of innovative products and services - coiled tubing technology (CoilHose), annular integrity technology (WellSpring) and innovative in-situ wellhead remediation tooling (MultiTool).
QI’s key technologies offer differentiation across the well intervention, production optimisation and decommissioning sectors. The company’s proven track record in the North Sea for well intervention, through its proprietary conveyance product CoilHose, offers oil and gas operators a unique system that is rapidly deployed, saving both time and cost compared to the traditional coiled tubing services both onshore and offshore.
This acquisition will enable Expro to extend its well intervention capability with proprietary technologies and expand into an over $6.3 billion* coiled tubing and pumping service sector. It is planned to capitalise on QI’s core product offering and generate significant growth opportunities through Expro’s strong global platform of award winning products and services.
Mike Jardon, Expro CEO, said:
“As part of our strategy, we are committed to investing in innovation and developing new technologies to differentiate our offering. This acquisition allows us to enter the coiled tubing market and build on our existing well intervention portfolio, leveraging the expertise from both companies.
“Our customers across the world will see added value with improved work practices, significant increases in operational efficiency and cost savings. Well intervention is a key part of Expro’s heritage and through the technologies and expertise QI brings to Expro, it will improve and enhance our business. Led by a highly skilled and dedicated management team with extensive experience, we look forward to welcoming the QI team to the Expro family.”
Bjarne Langeteig, founder and CEO of QI, said:
“We have been partnering with Expro for a year and we are delighted to be entering into this agreement. Since starting the business in 2008, we have been focused on being technology disrupters and challenging conventional practices in the well intervention market.
“We believe that our technology is value enhancing for the coiled tubing market and through our partnership we have seen how well our technology complements Expro’s. We look forward to working together as one team.”
Sparebank 1 SR-Bank Markets acted as financial advisor to the shareholders of QI in the transaction.
*Based on market share value from Spears Research