13th Apr 2005 07:00
Expro International Group PLC13 April 2005 Embargoed until 070013 April 2005 Expro International Group PLC ("Expro" or 'the Group') Announces Acquisition of Downhole Video International Inc ("DHVI") Expro, the oilfield services company, announces today the acquisition of DHVI, aUS company for USD 11.5 million in cash. The acquisition will compliment Expro'sexisting portfolio of technology based cased hole services. DHVI pioneered the development of downhole video technology and is the marketleading supplier to the oil and gas industry of downhole video services. Basedin California, DHVI provide a range of downhole services with the industry'smost advanced video camera based systems. These provide the means for operatorsto establish, with a high degree of certainty, the condition and characteristicsof a well using video images. DHVI has been highly successful in applying itsproprietary technology across a broad range of applications in different wellconditions, providing clients with the quality data necessary in planning theirwell maintenance and reservoir management activities. Currently DHVI's operations are predominantly focused in North America, andExpro's global footprint and client base will deliver opportunities forinternational expansion of these services. DHVI's un-audited results to December 2004 showed revenues of USD 7.2 millionand a pre-tax margin of 17%. Graeme Coutts, Expro CEO, commented: "Expro continues to search out marketleading technologies which will provide opportunities for sustained growth. DHVIis such a technology and one we have been interested in for some time. They alsoprovide a strong link to our other products and services that address ourclients' requirements for innovative technology, particularly in the field ofproduction optimisation for brownfield developments." - Ends - For further information please contact: Expro International Group PLCGraeme Coutts, Chief Executive On Wednesday 13 April 2005: 01224 225 753Colin Ainger, Director Corporate Development 0118 9591 341 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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