AcquisitionsMay 5, 2026, 06:14 AM
Expro to Acquire Enhanced Drilling for $215M; Q1 Revenue $368M, Net Loss $1M
AI Summary
Expro Group Holdings N.V. announced an agreement to acquire Enhanced Drilling for approximately $215 million in cash, expanding its managed pressure drilling solutions and adding $275 million to its order backlog. Concurrently, the company reported its first quarter 2026 results, with revenue of $368 million and a net loss of $1 million. Despite a net loss, Expro generated $63 million in Adjusted EBITDA and repurchased $20 million in shares. The company also reaffirmed its full-year 2026 guidance and announced a proposed redomicile to the Cayman Islands to enhance operational and tax efficiencies.
Key Highlights
- Expro to acquire Enhanced Drilling for approximately $215 million in cash.
- Acquisition expected to add $275 million in order backlog and close in Q3 2026.
- Q1 2026 revenue was $368 million, with a net loss of $1 million.
- Adjusted EBITDA for Q1 2026 was $63 million (17.1% margin).
- Repurchased $20 million of shares in Q1 2026, with $80 million remaining.
- Full-year 2026 revenue guidance reaffirmed at $1.60B - $1.65B.
- NLA segment revenue was $128 million, ESSA $114 million, MENA $82 million.
- Proposed redomicile to Cayman Islands for cost reduction and M&A flexibility.