Global oilfield services company Expro has acquired 100% of the equity of Norway-based technology company Quality Intervention AS (QI), for an undisclosed value.
With this acquisition, Expro will be able to extend its well intervention capability with new technologies and expand into the coiled tubing and pumping service sector, which is valued at more than $6.3bn.
Furthermore, the acquisition is planned to capitalise on Quality Intervention’s core product offering, while generating significant growth opportunities through Expro’s global platform of products and services.
Founded in 2008, Quality Intervention provides a portfolio of products and services including coiled tubing technology (CoilHose), annular integrity technology (WellSpring) and in-situ wellhead remediation tooling (MultiTool).
Expro CEO Mike Jardon said: “As part of our strategy, we are committed to investing in innovation and developing new technologies to differentiate our offering.
“This acquisition allows us to enter the coiled tubing market and build on our existing well intervention portfolio, leveraging the expertise from both companies.
“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.”
Quality Intervention founder and CEO Bjarne Langeteig said: “Since starting the business in 2008, we have been focused on being technology disrupters and challenging conventional practices in the well intervention market.”