Frank’s International Merges with British Company
Lafayette-based oil services company Frank's International is merging with British-based oil service company Expro.
The companies announced that merger on Thursday. According to Frank's and Expro officials, the merger will be an all-stock transaction. When the merger is completed, Expro shareholders will own about 65 percent of the new company's stock. Frank's shareholders will own the remaining 35 percent. Expro CEO Mike Jardon will be the CEO of the new combined company. Frank's President/CEO Mike Kearney will be the combined company's chairman.
The combined company will be operationally headquartered in Houston, but it will retain a presence in Lafayette. The principal executive office will be in the Netherlands.
According to the companies, the merger will allow the new combined company to strategically focus on new innovations and to save $70 million annually within three years.
Frank's International began operations in 1938 as Frank's Casing Crew. Frank Mosing founded the company out of his Moss Street home. Since then, Frank's has expanded its operations across the United States and the world, becoming a leader in offshore safety and innovation in the process.