Expro Completes Acquisition of Enhanced Drilling

About this update from Expro Group Holdings N.v.

HOUSTON, July 23, 2026--(BUSINESS WIRE)--Expro Ltd (NYSE: XPRO) (the "Company" or "Expro") today announced it has closed the previously announced acquisition of Enhanced Well Technologies Group AS ("Enhanced Drilling"). Under the terms of the agreement Expro purchased Enhanced Drilling for approximately 2 billion Norwegian kroner ("NOK") in cash (or approximately $215 million) plus customary closing and working capital adjustments. With this acquisition Expro becomes a leading provider of next-generation drilling technologies involving managed pressure drilling ("MPD"), inclusive of controlled mud level drilling ("CML"), and riserless mud recovery. As part of Expro, the intention is to increase the market penetration of Enhanced Drilling's offerings by utilizing Expro's proven strategy of globalizing acquired technologies and services. Currently, Enhanced Drilling operates primarily offshore Norway and in the Gulf of America, but the Company sees growth opportunities in other areas around the world such as Brazil, other South American regions, West Africa and Australia. Michael Jardon, Chief Executive Officer, commented, "We are pleased to welcome the Enhanced Drilling team to Expro. This is a strong strategic fit that adds a differentiated capability to our portfolio and strengthens our position in technically demanding offshore markets. Their MPD technologies align with our focus on helping customers improve efficiency, manage risk, and deliver wells with greater certainty. Together, we are well positioned to expand access to these solutions across additional regions, including West Africa, Latin America and Asia Pacific." In connection with the closing of this acquisition, effective July 23, 2026, the Compensation Committee of Expro's Board of Directors granted equity awards to 23 non-executive employees of Expro that were former employees of Enhanced Drilling as inducement awards pursuant to New York Stock Exchange Listing Rule 303A.08, representing an aggregate of 200,715 shares of Expro common stock. These inducement grants consist of time-based restricted stock units that vest on July 23, 2029. About Expro Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company's exte...

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