Here are 1-3 brief analogies for Expro (XPRO):

• A specialized Schlumberger or Halliburton for optimizing oil and gas wells.
• Caterpillar (CAT) for oil and gas wells and production.

• Well Construction Services: Provides technologies and expertise for efficient drilling, cementing, and completion of oil and gas wells.
• Well Flow Management Services: Offers solutions for measuring, controlling, and optimizing the flow of hydrocarbons from wells, including well testing, production processing, and subsea well access.
• Well Intervention & Integrity Services: Delivers solutions for maintaining, repairing, and enhancing the performance and safety of existing wells through services like coiled tubing and wireline.
• Digital Solutions: Offers advanced data acquisition, monitoring, and analytics technologies to provide real-time insights and optimize operational decision-making.

Expro (symbol: XPRO) is a global oilfield services company that provides well flow management services, equipment, and technology to the oil and gas industry. As such, Expro primarily sells its products and services to other companies in the energy sector, operating on a business-to-business (B2B) model.

Expro's major customers are typically diverse and spread across various regions globally. While Expro does not disclose specific individual customer names that account for a significant portion of its revenue, its customer base can be broadly categorized into the following types of companies. The examples provided are representative of the types of companies Expro serves within each category:

1. International Oil Companies (IOCs)

These are large, multinational, publicly traded companies involved in all aspects of the oil and gas value chain, from exploration and production to refining and marketing. Expro provides services to these companies on their projects worldwide.

• ExxonMobil (Symbol: XOM)
• Chevron (Symbol: CVX)
• Shell plc (Symbol: SHEL)
• BP p.l.c. (Symbol: BP)
• TotalEnergies SE (Symbol: TTE)

2. National Oil Companies (NOCs)

NOCs are state-owned enterprises that control and manage oil and gas resources within their respective countries. They are significant players in the global energy market, and Expro often works on their national projects.

• Equinor ASA (Symbol: EQNR)
• Petrobras (Symbol: PBR)
• Saudi Aramco (Primarily listed on Tadawul, not typically with a major U.S. exchange symbol)
• Abu Dhabi National Oil Company (ADNOC) (The parent company is not publicly traded as a whole)

3. Independent Oil and Gas Companies

This category includes a wide range of smaller to medium-sized public and private companies primarily focused on exploration and production activities, often in specific regions or basins. Expro supports these companies with specialized services and equipment for their drilling, completion, and production operations.

Note: Given the vast number and regional focus of independent oil and gas companies, Expro does not typically name specific major independent customers publicly in its disclosures. The above are categories of customer types, with specific examples provided for IOCs and NOCs to illustrate the types of companies Expro serves globally.

Michael Jardon, President and Chief Executive Officer

Michael Jardon serves as President and Chief Executive Officer of Expro, having been appointed CEO in April 2016 after five years as Chief Operating Officer. His career includes senior roles at Schlumberger, where he was Vice President of Well Testing and Subsea for North and South America from 1992 to 2008, overseeing wireline, completions, well testing, and subsea operations. He also spent three years as President of North America at Vallourec, leading commercial activities, global research and development, and managing sales and strategy for the region. Mr. Jardon holds a Bachelor of Science degree in Mechanical Engineering and Mathematics from the Colorado School of Mines.

Quinn Fanning, Chief Financial Officer

Quinn Fanning is the Chief Financial Officer for Expro. Further detailed background information regarding founding or managing other companies, selling companies, or a pattern of managing private equity-backed companies was not readily available in the provided search results.

Alistair Geddes, Chief Operating Officer

Alistair Geddes is the Chief Operating Officer at Expro. Additional background details on his prior involvement with founding/managing/selling companies or a pattern of managing private equity-backed firms were not available in the provided search results.

Steven J. Russell, Chief Technology Officer

Steven J. Russell holds the position of Chief Technology Officer at Expro. The provided search results did not contain specific information about his background regarding founding or managing other companies, selling companies, or a pattern of managing companies backed by private equity firms.

John Lewis W. McAlister, Group General Counsel & Secretary

John Lewis W. McAlister serves as the Group General Counsel & Secretary for Expro. The search results did not provide details on his involvement with founding/managing/selling companies or a pattern of managing private equity-backed firms.

The key risks to Expro's business (NYSE: XPRO) are primarily tied to the cyclical and evolving nature of the energy industry.

1. Dependence on Oil and Gas Industry Spending and Market Volatility: Expro's long-term demand and earnings are significantly influenced by global oilfield spending, crude oil price fluctuations, geopolitical events, and the pace of capital deployment by energy companies. The company's financial health is inherently linked to the volatility of the global energy market.

2. Energy Transition and Regulatory Shifts: The global shift towards a lower carbon future and potential regulatory changes present significant challenges to Expro's business model. While Expro aims to support the development of more sustainable energy solutions, including geothermal, and is aligned with creating a lower carbon future, the overarching energy transition poses a risk to demand for traditional oil and gas services.

3. Operational Execution and International Market Risks: Expro faces risks related to its international operations, including political, economic, and regulatory uncertainties. For instance, a softening of activity in regions like the Middle East or a decline in Subsea Well Access business in areas like the U.K. and Norway can impact revenue. Additionally, factors such as the ability to develop new technologies, attract and retain key personnel, and manage foreign exchange movements contribute to operational and market-specific risks.

Expro (symbol: XPRO) operates in several key addressable markets related to oil and gas well services.

The addressable markets for Expro's main products and services are as follows:

• Well Intervention: The global well intervention market was valued at approximately USD 9.8 billion in 2024, with projections to grow to around USD 14.87 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.12% from 2025. In North America, this market was sized at USD 3.47 billion in 2024 and is expected to reach USD 2.90 billion in 2025.
• Subsea Well Access: The global subsea well access system market was valued at approximately USD 4.2 billion in 2024 and is projected to reach about USD 5.83 billion by 2031, growing at a CAGR of 4.8%. Another estimate places the global market at USD 3.8 billion in 2024, growing to USD 4.93 billion by 2029 at a CAGR of 5.5%.
• Well Flow Management (including Well Testing Services): The global well testing service market was valued at USD 7.61 billion in 2024 and is projected to reach USD 12.79 billion by 2032, exhibiting a CAGR of 6.47% from 2025. For North America, the well testing service market was valued at USD 3.63 billion in 2024. More broadly, the global gas and liquid flow management systems market is anticipated to reach USD 30.9 billion in 2035 from USD 19.8 billion in 2024, growing at a CAGR of 4.2%.
• Well Construction (Drilling and Completion Fluids): The global drilling and completion fluids market was valued at approximately USD 10.8 billion in 2024 and is expected to reach USD 15.3 billion by 2033, with a CAGR of 3.76% from 2025-2033. Another report indicates a global market size of USD 10.6 billion in 2024, growing to USD 16.3 billion by 2035 at a CAGR of 3.98%.

1. Geographic Expansion: Expro anticipates mid-single-digit revenue growth in 2025, significantly propelled by its expansion efforts in North America, Latin America, and Asia Pacific. The company also expects stable performance in the Middle East and North Africa regions. Specifically, increased activity is projected for Southeast Asia, encompassing Indonesia, Brunei, and Thailand, focusing on well construction and intervention services. Additionally, Australia is expected to see incremental activity in subsea well access and the onshore Coretrax expandables business.
2. Increased Demand in International and Offshore Markets: A substantial portion of Expro's revenue, approximately 80%, is derived from its international and offshore operations. New project approvals are forecasted to rebound in 2026, with offshore projects constituting 80% of all sanctioning planned for 2025 and 2026. This trend presents significant growth opportunities across Expro's well construction, well flow management, and subsea product lines. Furthermore, global geopolitical dynamics and the emphasis on energy security are stimulating sustained investments in these areas.
3. Technological Innovation and Diversified Service Offerings: Expro is actively driving future growth through the introduction of new technologies and ongoing cost optimization initiatives. The company leverages innovative, forward-looking technology alongside high-quality data and analytics to deliver differentiated, value-added solutions and services to its clientele. Strategic collaborations with technology companies for digital solutions are also identified as a potential catalyst for growth.
4. Optimization of Existing Assets: Given a more subdued environment for new greenfield projects, operators are concentrating on enhancing production from their existing assets. This focus is leading to sustained operational expenditure and increased brownfield activity, which aligns well with Expro's core strengths in well intervention, production optimization, and digital services.
5. Robust Order Backlog: Expro's growing order backlog, which reached $2.3 billion, signals strong future demand for its services. This substantial backlog, underpinned by persistent global energy demand and multi-year international projects, is expected to ensure steady, long-term revenue growth and provides significant visibility into future earnings.

Share Repurchases

• Expro repurchased approximately 2 million shares for $25 million in the third quarter of 2025. Year-to-date in 2025, total share repurchases amounted to $40 million, meeting the annual target.
• The company has an authorized stock repurchase program, extended in December 2024, to acquire up to $100 million of outstanding common stock through November 24, 2025. As of October 23, 2025, $36 million remained authorized for repurchase.
• In June 2022, Expro's Board of Directors authorized a stock repurchase program of up to $50 million, which was completed.

Outbound Investments

• In 2023, Expro acquired DeltaTek Oil Tools Limited and Professional Rental Tools, LLC.
• The fair value of consideration for the Professional Rental Tools (PRT) acquisition was $90.8 million, including $21.6 million in cash, $40.9 million in equity, and $13.2 million in contingent consideration.
• The PRT acquisition aims to expand Expro's portfolio in the subsea well access sector in the North and Latin America region and accelerate the growth of PRT Offshore's surface equipment offering in other regions.

Capital Expenditures

• Capital expenditures totaled $24 million in the third quarter of 2025. Approximately 90% was allocated to purchasing and manufacturing equipment for direct customer support, with the remaining 10% for other property, plant, and equipment, including software costs.
• Expro anticipates full-year 2025 capital expenditures to be between $110 million and $120 million, a revision from a prior estimate of $120 million to $130 million, reflecting a focus on cost and capital discipline.
• In 2024, total capital expenditures were $143.6 million, with approximately 90% used for equipment supporting customer-related activities.