US-based energy services company Expro Group has agreed to purchase Enhanced Well Technologies Group (Enhanced Drilling), a Norwegian drilling solution technologies provider, in an all-cash deal worth Nkr2bn ($215.8m).
The consideration also includes customary closing and working capital adjustments.
Through the acquisition, Expro will add managed pressure drilling (MPD) solutions to its service portfolio, increasing its technology-based offerings. Expro’s range of services currently covers well construction, well flow management, subsea well access, and well intervention and integrity.
Enhanced Drilling offers a range of riserless and riser-based solutions designed to improve well economics. These solutions aim to reduce risk, increase reliability and consistency, and support cost-effectiveness for customers.
The Norwegian company is said to have experience in drilling more than 1,000 wells using its technologies.
Enhanced Drilling conducts most of its activities offshore Norway and in the Gulf of Mexico (GoM). The company is also exploring prospects for expansion into additional deepwater areas worldwide, including Brazil, West Africa and Australia.
Enhanced Drilling CEO Kjetil Lunde said: “This transaction marks an exciting new chapter for Enhanced Drilling.
“Becoming part of Expro provides an opportunity to scale our technologies through a global organisation with deep operational expertise and long-standing customer relationships. We look forward to working together to expand the reach of our solutions.”
Expro stated that the deal is expected to have an immediate positive impact on cash flow and contribute an estimated $275m to the company’s order backlog.
For the full year 2026, the acquisition is forecast to deliver adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of more than $50m, with a margin above 30%.
Expro plans to finance the purchase through a combination of available cash and funds from its revolving credit facility.
The transaction is expected to be finalised in the third quarter of 2026 (Q3 2026), pending customary closing requirements.
Expro CEO Michael Jardon said: “Enhanced Drilling will add industry-leading managed pressure drilling technologies in both riserless and riser-based applications to Expro’s suite of innovative technologies and expand Expro’s service and solution offerings related to customers’ drilling and completion activities.
“We look forward to leveraging Enhanced Drilling’s expertise, technologies and customer relationships with our own to drive further growth in the future.”
Alongside the acquisition, Expro reported its financial outcomes for Q1, ending 31 March 2026. The company recorded revenues of $368m and a net loss of $1m for the period.
Adjusted EBITDA reached $63m, representing an adjusted EBITDA margin of 17.1%.
Cash flow from operations stood at $25m, or 7% of revenue, while adjusted free cash flow amounted to $3m. At quarter end, liquidity stood at $517m.
In the upcoming quarter, Expro expects disruptions in the Middle East to decrease revenue by $10m–15m.
