EXPRO International Group, a leading independent supplier of oilfield
services, is to be floated this spring with an expected market
capitalisation of over #100m.
The company, which in July 1992 was the subject of a #52m management
buyout from Flextech, was originally formed in 1973 with venture capital
backing and established operating bases in Great Yarmouth, to service
the gas fields in the southern North Sea, and in Aberdeen to provide
services to the North Sea oilfields.
In the North Sea, the group has built strong positions in a number of
its niche markets and has expanded its franchise into other oil and gas
producing areas in Continental Europe, Asia Pacific, Africa, South
America, the former Soviet Union and the Middle East, certain of which
have only recently become accessible to Western operators and service
companies.
The board, led by group chief executive John Dawson, now want to raise
finance to reduce debt and fund expansion.
For the nine months to end December 1994, 47% of turnover was derived
from the UK continental shelf with the remaining 53% coming from
overseas markets.
Around two thirds of revenues currently come from the development and
production phases of the upstream oil and gas industry which provide a
more stable and long term source of revenues than exploration and
appraisal activities. Some 20% of the group's turnover is at present
related to gas exploration and production.
Group products and services are provided to most of the major Western
oil companies.
Since the buyout, which was backed by CINVen, profits have risen from
#7.8m in 1992/93 to #10.4m on turnover of #65.4m in 1993/94. Further
''significant growth'' in profits is forecast for the current financial
year. The flotation will be sponsored by Robert Fleming & Company and
Cazenove & Co will be brokers to the issue.
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