2nd Feb 2005 07:00
Expro International Group PLC02 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 ReadMatre Instruments AS ("RMI"), a Norwegian based subsidiary of Read ASA, forNOK81 million. RMI will operate within Expro's Subsurface Systems businessstream. RMI is a market leading supplier of subsea sensor and monitoring technologies tothe oil and gas industry, providing high quality products that can withstand theextreme temperatures and pressures encountered in deepwater operations.Supplying the market for more than 15 years, RMI has a proven research anddevelopment capability and has established a loyal customer base of majorequipment manufacturers in the global subsea completion market. Expro has established leading positions in the subsea development market throughits unique portfolio of products and services that make up the Group'sSubsurface Systems Business Stream. RMI will complement this offering. The RMIproduct range is closely associated with Tronic's range of electrical and powerconnectors, both being high value components used in subsea control andmonitoring systems. RMI's un-audited results to December 2004 show revenues of NOK73 million and apre-tax margin of 18%. Expro were advised in the deal by CIBC World Markets and Simmons & CompanyInternational Limited acted for Read ASA. Johannes Vikane, RMI General Manager, commented: "We are looking forward tobeing part of Expro as this will provide the investment, distribution and marketpresence necessary to ensure RMI's future growth." Graeme Coutts, Expro CEO, commented: "Through continued and focused investmentin market leading subsurface technologies, Expro has positioned itself as one ofthe world's leading product and service providers in the rapidly growing marketof deepwater field development. The addition of RMI will allow us to continuebuilding this momentum by broadening our product offering and increasing thevalue we deliver to our clients." - Ends - For further information please contact: Expro International Group PLC 0118 9591 341Graeme Coutts, Chief ExecutiveMichael Speakman, Finance Director Weber Shandwick Square Mile 020 7067 0700Mike Kirk / Rachel Taylor / Stephanie Badjonat This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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