Expro Ltd — Company directory

Expro is a Houston-based oilfield services group that works across the well lifecycle, from well construction and flow management to subsea access, intervention and decommissioning.

Expro Ltd is an international oilfield services company that supports operators through the life of a well, from construction and production to intervention and decommissioning. It is listed on the New York Stock Exchange under the ticker XPRO, runs its business from Houston, and says it employs more than 7,000 people in over 60 countries with a history stretching back 85 years. Michael Jardon is chief executive. Expro Ltd is incorporated in the Cayman Islands and keeps its operational headquarters in Houston.

How Expro is organised

Expro divides its offering into six product lines and sells them across five stages of the well lifecycle. The product lines are well construction, well flow management, subsea, well intervention and integrity, production solutions, and Coretrax tubular technologies. The lifecycle stages run from exploration and appraisal through development, production and brownfield work, workover and intervention, to well decommissioning. Field services include well testing and clean-up, early production facilities, coiled tubing, wireline and slickline, cementing, tubular running services, subsea landing strings and managed pressure drilling. Reporting is split into four regions: North and Latin America, Europe and Sub-Saharan Africa, Middle East and North Africa, and Asia Pacific. Beyond oil and gas, Expro markets the same equipment and expertise into carbon capture, utilisation and storage, water management, geothermal, hydrogen, emissions management and mineral extraction.

Second-quarter 2026 results

In results announced on 28 July 2026, Expro reported second-quarter 2026 revenue of USD 393 million against USD 761 million for the first half. Net income was USD 2 million and adjusted EBITDA USD 76 million, a 19.3 per cent margin. Cash from operations was USD 81 million, or 20.7 per cent of revenue, capital expenditure USD 31 million and adjusted free cash flow USD 56 million. The company repurchased about 1.3 million shares for roughly USD 20 million at an average price of USD 15.42, taking first-half buybacks to about 2.5 million shares and USD 40 million, and it reaffirmed a commitment to return at least a third of annual adjusted free cash flow to shareholders. Liquidity at 30 June 2026 was USD 492 million, including USD 292 million available under its revolving credit facility, with USD 200 million of cash including restricted amounts and USD 79 million of long-term borrowings.

Regional performance and 2026 outlook

Europe and Sub-Saharan Africa was the largest segment by profit, generating USD 127 million of revenue and USD 34 million of segment EBITDA, a 27 per cent margin, on higher well flow management work in the United Kingdom and Norway. North and Latin America produced USD 129 million of revenue and USD 26 million of EBITDA at 20 per cent, the Middle East and North Africa USD 90 million and USD 33 million at 36 per cent on well construction work in Egypt, and Asia Pacific USD 47 million and USD 9 million at 18 per cent. Management said the Middle East conflict had suppressed high-margin activity for longer than expected and trimmed its full-year revenue guidance to USD 1,650 million to USD 1,700 million with adjusted EBITDA of USD 355 million to USD 365 million, capital expenditure of USD 110 million to USD 120 million and adjusted free cash flow of USD 135 million to USD 145 million; third-quarter revenue was guided to USD 435 million to USD 455 million and adjusted EBITDA to USD 90 million to USD 100 million. The company expects second-half adjusted EBITDA margins above 24 per cent and fourth-quarter margins above 26 per cent, helped by five months of contribution from Enhanced Drilling. Its Drive25 self-help programme has finished, with more than USD 40 million of structural cost removals expected in 2026.

Contract awards during 2026

A multi-product line contract from an operator offshore eastern Canada covering a 14-well life-extension campaign, announced on 23 September 2026, using well construction, well flow management and subsea well access, with work due to begin in the first quarter of 2027.
A USD 380 million project in Algeria, announced on 1 September 2026, deploying production technologies and integrated services to lift oil and gas output.
A major North Sea abandonment contract announced on 11 August 2026, and a two-year unconventional well testing award in the United Arab Emirates.
Over USD 250 million of awards in Europe and Sub-Saharan Africa during the second quarter, plus extensions in Azerbaijan for subsea landing string and tubular running services.
Two three-year contracts in Brazil for subsea landing string and tubular running services and cementing accessories, and a three-year contract in Malaysia for a deepwater subsea programme.
In the Middle East, a SONAR flow surveillance contract in Iraq and a QPulse production testing campaign on a gas condensate field in Oman.

Technology and digital programmes

Expro launched Velonix, an automated pipeline pigging system, on 8 September 2026 and used it two weeks later for the first in-line inspections of a hydrogen-service pipeline, runs the customer had previously been unable to complete. With its partner Evoilve it released SafeWells V5, a digital well integrity platform, on 3 September 2026. Its 1,250-tonne XRD extended range drilling spider finished field trials with a major Gulf of America operator, closing with a final wellbore cleanout run. In the United Kingdom, subsea systems completed a well abandonment campaign with 2,490 hours, or 104 days, of zero non-productive time, and in Namibia the company commissioned a visual PVT system that has already supported an analysis campaign in country. Expro was shortlisted in seven categories of the 2026 Gulf Energy Awards for eight technologies.

Enhanced Drilling and the group's operating base

Expro added managed pressure drilling to its service lines through the acquisition of Enhanced Drilling, completed in July 2026 for about NOK 2 billion, or roughly USD 215 million, in cash plus customary closing and working capital adjustments, and the business is included in the group's results from the second half of 2026. With that addition the company covers drilling support alongside its well construction, flow management, subsea and intervention lines, and it continues to run those operations from Houston while being incorporated in the Cayman Islands.