Expro International Group PLC
02 February 2005
Embargoed until 07.00, 2 February 2005
Expro International Group PLC ("Expro" or 'the Group')
Announces Acquisition of READ Matre Instruments AS
Expro, the oilfield services company, announces today the acquisition of Read
Matre Instruments AS ("RMI"), a Norwegian based subsidiary of Read ASA, for
NOK81 million. RMI will operate within Expro's Subsurface Systems business
stream.
RMI is a market leading supplier of subsea sensor and monitoring technologies to
the oil and gas industry, providing high quality products that can withstand the
extreme temperatures and pressures encountered in deepwater operations.
Supplying the market for more than 15 years, RMI has a proven research and
development capability and has established a loyal customer base of major
equipment manufacturers in the global subsea completion market.
Expro has established leading positions in the subsea development market through
its unique portfolio of products and services that make up the Group's
Subsurface Systems Business Stream. RMI will complement this offering. The RMI
product range is closely associated with Tronic's range of electrical and power
connectors, both being high value components used in subsea control and
monitoring systems.
RMI's un-audited results to December 2004 show revenues of NOK73 million and a
pre-tax margin of 18%.
Expro were advised in the deal by CIBC World Markets and Simmons & Company
International Limited acted for Read ASA.
Johannes Vikane, RMI General Manager, commented: "We are looking forward to
being part of Expro as this will provide the investment, distribution and market
presence necessary to ensure RMI's future growth."
Graeme Coutts, Expro CEO, commented: "Through continued and focused investment
in market leading subsurface technologies, Expro has positioned itself as one of
the world's leading product and service providers in the rapidly growing market
of deepwater field development. The addition of RMI will allow us to continue
building this momentum by broadening our product offering and increasing the
value we deliver to our clients."
- Ends -
For further information please contact:
Expro International Group PLC 0118 9591 341
Graeme Coutts, Chief Executive
Michael Speakman, Finance Director
Weber Shandwick Square Mile 020 7067 0700
Mike Kirk / Rachel Taylor / Stephanie Badjonat
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