US-based energy services group Expro has agreed to acquire Norway’s Enhanced Drilling in a deal worth around $215m, as it looks to build out its position in offshore well construction and advanced drilling services.
The cash transaction, valued at roughly NOK2bn, will bring managed pressure drilling (MPD) technology into Expro’s portfolio, expanding its offering across both riserless and conventional offshore drilling operations.
Expro said the acquisition will be immediately accretive to cash flow and add about $275m in backlog, while the Norwegian company is expected to generate more than $50m in adjusted EBITDA in 2026, with margins above 30%.
The purchase will be funded through existing cash and drawings under a revolving credit facility, with completion targeted for the third quarter of 2026, subject to customary approvals.
Chief executive Michael Jardon said the deal strengthens Expro’s technology base and broadens its service range for clients across drilling and completion work. He pointed to the potential to scale Enhanced Drilling’s technologies globally, building on Expro’s existing footprint.
Headquartered in Bergen, Enhanced Drilling specialises in MPD systems designed to improve well control, reduce risk and deliver more consistent drilling performance. The company has deployed its technology on more than 1,000 wells, mainly offshore Norway and in the Gulf of America.
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