Tuesday, June 21, 2011
Expro International Group
Expro has announced a major new investment program that will reinforce the company's leading position as a supplier of innovative technology and specialist services to the upstream oil and gas sector.
The program includes expanding Expro's established fleet of subsea safety systems and well test packages, as well as globalization of the group's strong drill stem testing (DST) heritage and emerging, innovative telemetry capability.
Investments are also being made to fuel specific customer growth initiatives in the wireline and production systems product lines as well as new product developments in production surveillance (multi-phase metering) and fluid analysis.
The funds for the program are being provided by a $250MM equity injection from the company's shareholders. Additional flexibility and the opportunity to accelerate growth have also been provided by increased covenant headroom under the Mezzanine Facility and the expansion of the group's Revolving Credit Facility from $100MM to $160MM.
Commenting upon the investment program, Charles Woodburn CEO said, "This is excellent news for Expro and our customers and demonstrates the shareholders continued confidence in Expro. We are now even better positioned to deliver our market-leading technology and uniquely personalized customer service to the highest standards of safety and quality.
"Last year they backed the acquisition of PTI entirely from new equity, this year they are backing our organic growth plans in the same way. This puts us in a strong position to invest in our business to take full advantage of the upturn in the market."
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