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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Engage Xr Holdings Plc | LSE:EXR | London | Ordinary Share | IE00BG0HDR01 | ORD EUR0.001 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.025 | -1.52% | 1.625 | 1.55 | 1.70 | 1.65 | 1.625 | 1.65 | 138,564 | 11:59:12 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4557J Expro International Group PLC 01 April 2003 Embargoed until 07.00 1 April 2003 EXPRO INTERNATIONAL GROUP PLC ("Expro") Formation of QuantX Wellbore Instrumentation ("QuantX") in conjunction with Baker Hughes Incorporated ("Baker Hughes") Expro announce today that they are forming a stand alone 50:50 joint venture with Baker Hughes. The new joint venture, to be named QuantX Wellbore Instrumentation, will be a leading provider of permanent in-well data acquisition systems. QuantX will be headquartered in Houston, Texas and have a major facility in Aberdeen and will utilise Baker Hughes' and Expro's global infrastructure as required. Expro will inject its existing permanent monitoring business, which has a net asset value of $6.5m and achieved income of approximately $26m and EBITDA of $6m in 2002/03, into QuantX. In order that each party contributes assets and businesses that are worth 50% of the joint venture, Baker Hughes will make a compensating cash payment to Expro of $30m. This additional cash payment values the business that Expro is contributing to the joint venture at an EBITDA multiple of 10x. QuantX will be only minimally dilutive to Expro for the first year and is expected to be earnings enhancing thereafter. The cash proceeds will be used to increase financial flexibility through a reduction in net debt. The ever present drive of E&P operators to improve reservoir production yields and reduce costs is creating an increasing need for reservoir and other downhole parameter data to be available in real-time. QuantX has been formed to serve this market, combining the capabilities of Baker Hughes, the market leader of in-well completion hardware, with Expro, one of the leading providers of permanently installed in-well data acquisition systems. Reservoir performance monitoring is an important market, with so-called 'intelligent wells' forecast to be one of the fastest growing types of instrumented wells. The market for new permanent monitoring data systems is forecast to grow from approximately $125m p.a. to $200m p.a. over the next three years. John Dawson, Chief Executive of Expro, said today: "We are delighted with this deal, which we believe will be an exciting opportunity for both Expro and Baker Hughes. The joint venture will enable Expro and Baker Hughes to provide a more extensive product range to their clients in a rapidly developing market through an enhanced global distribution and sales network." Michael E. Wiley, Chairman, President and Chief Executive Officer of Baker Hughes Incorporated, said in Houston today: "The QuantX venture will be a leader in advancing permanent in-well monitoring technology. Integrating Expro's capability to measure real-time reservoir performance with Baker Hughes' intelligent well completions and other technologies presents an important enhancement to our clients' project economics, particularly in deepwater." - Ends - For further information please contact: Expro International Group PLC 0118 9591 341 John Dawson, Chief Executive Eric Woolley, Finance Director Colin Ainger, Director Corporate Development Weber Shandwick Square Mile 020 7067 0700 Tim Jackaman/ Kirsty Hall/ Rachel Taylor This information is provided by RNS The company news service from the London Stock Exchange END JVEJBMRTMMAJBIJ
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