Expro makes offer for Power Well Services
Offshore
Offshore staff
Expro International Group PLC has offered $674.5 million to acquire Power Well Services, a supplier of well testing and other flow management products and services to the oil and gas industry.
PWS's operations include a global well testing business and a regional fluids analysis business, as well as choke equipment supply and related services to the land well market in the US. PWS is a portfolio company of First Reserve Corp.
"Our strategy has been to develop market-leading businesses based on technology innovation, and this proposed Acquisition will further that strategy," said Graeme Coutts, chief executive of Expro.
"The company's existing well testing activities and those of PWS are geographically complementary, and PWS's strong presence in several key markets and key customer relationships will provide enhanced growth opportunities for the Company's other services."
"The combination of Power Well with Expro creates a clear market leader in well testing services," said David Reamer, CEO of Power Well. "Our employees and customers will benefit from the blending of the skill sets and capabilities of these two fine organizations."
6/15/06
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