Expro International Group PLC
13 April 2005
Embargoed until 0700
13 April 2005
Expro International Group PLC ("Expro" or 'the Group')
Announces Acquisition of Downhole Video International Inc ("DHVI")
Expro, the oilfield services company, announces today the acquisition of DHVI, a
US company for USD 11.5 million in cash. The acquisition will compliment Expro's
existing portfolio of technology based cased hole services.
DHVI pioneered the development of downhole video technology and is the market
leading supplier to the oil and gas industry of downhole video services. Based
in California, DHVI provide a range of downhole services with the industry's
most advanced video camera based systems. These provide the means for operators
to establish, with a high degree of certainty, the condition and characteristics
of a well using video images. DHVI has been highly successful in applying its
proprietary technology across a broad range of applications in different well
conditions, providing clients with the quality data necessary in planning their
well maintenance and reservoir management activities.
Currently DHVI's operations are predominantly focused in North America, and
Expro's global footprint and client base will deliver opportunities for
international expansion of these services.
DHVI's un-audited results to December 2004 showed revenues of USD 7.2 million
and a pre-tax margin of 17%.
Graeme Coutts, Expro CEO, commented: "Expro continues to search out market
leading technologies which will provide opportunities for sustained growth. DHVI
is such a technology and one we have been interested in for some time. They also
provide a strong link to our other products and services that address our
clients' requirements for innovative technology, particularly in the field of
production optimisation for brownfield developments."
- Ends -
For further information please contact:
Expro International Group PLC
Graeme Coutts, Chief Executive On Wednesday 13 April 2005: 01224 225 753
Colin Ainger, Director Corporate Development 0118 9591 341
Weber Shandwick Square Mile 020 7067 0700
Mike Kirk / Rachel Taylor / Stephanie Badjonat
This information is provided by RNS
The company news service from the London Stock Exchange
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