Oilfield services company Expro has acquired well intervention technology company Quality Intervention AS (QI)
The Norwegian-based company was founded in 2008 and offers a portfolio of innovative products and services-coiled tubing technology (CoilHose), annular integrity technology (Well Spring) and innovative in-situ wellhead remediation tooling (Multi-tool).
This acquisition will enable Expro to extend its well intervention capability with proprietary technologies and expand into more than US$6.3bn 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, “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,” he added.
Bjarne Langeteig, founder and CEO of QI, commented, “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,” he noted.
Sparebank 1 SR-Bank Markets acted as financial advisor to the shareholders of QI in the transaction.
