Expro Ltd (NYSE: XPRO) has completed the acquisition of Enhanced Well Technologies Group AS (Enhanced Drilling), marking a significant step in strengthening its portfolio of advanced offshore drilling technologies and expanding its presence in technically complex energy markets worldwide. Under the terms of the agreement, Expro acquired Enhanced Drilling for approximately 2 billion Norwegian kroner (NOK) in cash, equivalent to around $215 million, subject to customary closing and working capital adjustments.
The acquisition positions Expro among the leading providers of next-generation drilling solutions, including Managed Pressure Drilling (MPD) technologies, Controlled Mud Level (CML) drilling and riserless mud recovery systems. These technologies are designed to improve drilling efficiency, enhance well control, reduce operational risks and support safe execution in challenging offshore environments.
By integrating Enhanced Drilling into its operations, Expro aims to expand the availability of these specialized technologies across its global network. The company plans to leverage its international footprint and experience in commercializing advanced energy solutions to accelerate the adoption of Enhanced Drilling’s offerings in new markets.
Enhanced Drilling currently operates primarily in offshore Norway and the Gulf of America. Following the acquisition, Expro expects to broaden the business into high-growth regions, including Brazil, other parts of South America, West Africa, Australia and selected markets across the Asia-Pacific region, where demand for advanced offshore drilling technologies continues to grow.
Commenting on the acquisition, Michael Jardon, Chief Executive Officer of Expro, said, “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 managed pressure drilling 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.”
The acquisition is expected to enhance Expro’s ability to provide integrated solutions throughout the well lifecycle, supporting customers with advanced technologies that improve operational performance while addressing increasingly complex drilling challenges. As part of the transaction, Expro has also announced equity awards for employees joining the company from Enhanced Drilling. Effective July 23, 2026, the Compensation Committee of Expro’s Board of Directors granted inducement equity awards to 23 non-executive employees who transitioned from Enhanced Drilling. The awards comprise an aggregate of 200,715 shares of Expro common stock in the form of time-based restricted stock units, which are scheduled to vest on July 23, 2029, in accordance with the New York Stock Exchange Listing Rule 303A.08.
With roots dating back to 1938, Expro has built a strong reputation as a global provider of energy services across the entire well lifecycle. The company delivers solutions spanning well construction, well flow management, subsea well access, well intervention and well integrity. Employing approximately 7,000 professionals, Expro supports leading energy companies in both onshore and offshore operations across more than 60 countries, providing innovative technologies and high standards of safety, operational excellence and service quality.
