Expro to acquire Enhanced Drilling for $215M in cash
What's the deal? Expro Group Holdings (NYSE: XPRO), a Houston-based oilfield services company, has agreed to acquire Norway's Enhanced Well Technologies Group AS ("Enhanced Drilling") for approximately US$241.8M — roughly $215M — in cash. The deal adds managed pressure drilling (MPD) technology to Expro's portfolio and is expected to close in Q3 2026.
Expro will fund the purchase with cash on hand and borrowings from its revolving credit facility. The acquisition is immediately accretive to cash flow and brings roughly $275M in order backlog.
Enhanced Drilling is projected to generate more than $50M in adjusted EBITDA for full-year 2026, with margins above 30%.
Why now? Expro's first quarter of 2026 showed the strain of seasonal headwinds. Revenue came in at $368M, with a net loss of $1M and adjusted EBITDA of $63M (17.1% margin). The company cited inclement weather in the North Sea and the Gulf of America, plus lower customer spending at the start of the year.
Adding Enhanced Drilling's high-margin MPD business gives Expro a way to diversify and grow even as its core operations face cyclical pressure. CEO Michael Jardon said the deal expands Expro's drilling and completion offerings and leverages Enhanced Drilling's customer relationships.
What could go wrong? Jardon flagged geopolitical uncertainty in the Middle East that "threatens the near-term global supply-demand balance for crude oil and natural gas." That volatility could weigh on customer spending and project timelines.
The deal also comes as Expro pursues a redomicile from the Netherlands to the Cayman Islands — a corporate restructuring that adds another layer of complexity.
The signal: Oilfield services companies are using acquisitions to bolt on specialised, higher-margin technology capabilities rather than chasing scale alone. MPD is increasingly in demand as operators drill in more complex environments, and Expro is betting that owning, rather than partnering for, that capability will pay off. The deal reflects a broader industry push to consolidate niche expertise while navigating an uncertain macro backdrop.
Read more: expro.com
