Expro enters Multi-billion-dollar Market with Technology Acquisition
International oilfield services company Expro has acquired 100% of the equity of technology company Quality Intervention AS (QI).
The Norwegian-based company was founded in 2008 and provides a portfolio of innovative products and services – coiled tubing technology (CoilHose), annular integrity technology (Well Spring) and innovative in-situ wellhead remediation tooling (Multi-tool).
QI’s key technologies offer differentiation across the well intervention, production optimization and decommissioning sectors. The company’s proven track record in the North Sea for well intervention, through its proprietary conveyance product CoilHose, offers oil and gas operators a unique system that is rapidly deployed, saving both time and cost compared to the traditional coiled tubing services both onshore and offshore.
This acquisition will enable Expro to extend its well intervention capability with proprietary technologies and expand into an over $6.3-billion coiled tubing and pumping service sector. It is planned to capitalize on QI’s core product offering and generate significant growth opportunities through Expro’s strong global platform of award winning products and services.