Expro Buys Into the Well Abandonment Wave

Expro's $215M acquisition of Enhanced Drilling adds managed pressure drilling muscle as decommissioning demand surges

26 May 2026

Expro Group Holdings is paying $215 million to get into the business of endings. The company has signed a definitive agreement to acquire Enhanced Drilling, a Bergen-based specialist whose tools help operators safely re-enter and permanently seal aging offshore wells. The deal, announced May 5, closes in Q3 2026.

That pedigree is the point. Its managed pressure drilling systems have run on more than 1,000 offshore wells across Norway and the Gulf of America, giving operators real-time control of wellbore pressure during some of the most technically demanding re-entry work in the industry. Riserless and riser-based configurations extend that reach across complex aging infrastructure where conventional approaches fall short.

Financially, the acquisition arrives well-packaged. The target is projected to generate over $50 million in adjusted EBITDA this year, with margins north of 30 percent, and carries roughly $275 million in contracted order backlog. Expro held $517 million in total liquidity as of March 31, giving it room to absorb the deal without pressuring its balance sheet.

Alongside the acquisition, Expro launched Solus, a single shear-and-seal valve that replaces the conventional two-valve setup used in subsea well access. Fewer parts, faster installation, fewer failure points. The product reflects a broader effort to reduce complexity at every stage of decommissioning rather than just expand headcount.

Not every element is tidy. Analysts have flagged integration risk, specifically the challenge of preserving Enhanced Drilling's specialist culture inside a large, publicly listed organization. Expro also posted softer sequential results in the Gulf of America in Q1 2026, adding some uncertainty to near-term regional revenue.

The structural tailwind, though, is hard to ignore. Regulators on both sides of the Atlantic are tightening decommissioning timelines, and energy services companies with proven lifecycle capabilities are moving from the industry's edges toward its center. Expro's acquisition puts it squarely in that line.