Expro International Group Acquire READ Matre Instruments AS
Expro, the oilfield services company, has acquired 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%.>/p>
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."