Halliburton’s bid outdid an agreed $2.5 billion bid from a private-equity firm-led consortium.
Expro emphasized that the $21.97-a-share proposal was not finalized. Expro said in a statement, “A further announcement will be made in due course.”
Oil companies are increasing activities as soaring energy prices and increasing demand are fueling further acquisition pursuits. Analysts believe that the rising costs of raw materials and drilling rig rentals, coupled with a shortage of skilled labor, have resulted in the swift rise in oil prices.
In April, Expro received a $22.55-a-share offer from Umbrellastream, a consortium led by U.K. private-equity firm Candover Partners Ltd. together with Goldman Sachs Capital Partners and Alpinvest Partners N.V.