Expro seeks £100m listing
Monday 13 February 1995
The company's directors own 15 per cent of the shares, with other managers accounting for a further 20 per cent. John Dawson, chief executive, who led the 1992 management buyout of the company from Flextech, the cable television company, says the directors have pledged not to sell their shares for a year. Expro is seeking the listing to reduce its £50m debts and fund further expansion.
Expro was founded in 1973 and rode the back of the North Sea oil boom. From initial bases in Great Yarmouth and Aberdeen it has expanded into 30 countries and now counts companies such as Shell, BP, British Gas and Mobil among its clients.
As well as operations in the former Soviet Union, South America and the Middle East, Expro is looking to expand into Norway and Australia in the next year and will shortly start work in the Gulf of Mexico.
"We are one of the few British companies that is competing with the US giants," Mr Dawson said.
He added that Expro planned to take advantage of the trend towards outsourcing, where multinational oil companies contract out services such as the surveying of oil wells. "We are living in a low oil price environment and our strategy is to use some of our new technologies to help the large oil companies improve their management processes."
Expro has 850 staff and last year made pre-tax profits of £10.4m on sales of £65m. Profits in the current financial year are expected to be significantly higher, the company says.
- 1 Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
- 2 Woman accidentally shoots herself in the head while posing for a selfie
- 3 Art Garfunkel calls Paul Simon a 'monster' with a Napoleon complex
- 4 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 5 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Isis 'jihadi bride' claims forced sex with Yazidi girls is never rape because Koran condones it
Woman accidentally shoots herself in the head while posing for a selfie
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...