olivLaw · US equity research
Expro Ltd XPRO
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Expro Ltd is a major provider of energy services to exploration and production companies in over 60 countries, covering well construction, well flow management and subsea well access. In the second quarter of 2026 the company reported revenue of $393 million, while the Middle East conflict tempered results and kept near-term uncertainty elevated.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Expro Ltd (XPRO) stock was 12.84 USD (−7.36% on the day), with beta 1.42, 52-week range 12.52–18.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.0
- weak (30–45)
- Bollinger (20, 2)
- 13.48 – 18.62
- below the lower band · %B -0.13 · band width 32.0%
- SMA 50 / 200
- 16.60 / 16.46
- mixed trend
- MACD (12, 26, 9)
- -0.58 / -0.18
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.9% | −1.1% | −19.8 pp | — |
| 3 months | −24.4% | −0.5% | −24.0 pp | — |
| 6 months | −17.5% | +4.4% | −21.9 pp | — |
| Year to date | −3.8% | +12.3% | −16.1 pp | — |
| 1 year | −7.7% | +13.5% | −21.2 pp | −13.9% |
| 3 years | −17.2% | +76.4% | −93.6 pp | −34.0% |
| 5 years | −27.1% | +63.7% | −90.8 pp | — |
Price returns, dividends excluded.
Quarterly results
unavailable
Reported results vs expectations
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Balance sheet & financial health
Valuation
unavailable
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.4 bn | 10.3 | 31.1% | 11.4% | +4.6% | +39% / +65% |
| NESRNational Energy Services Reunited Corp. | 1.9 bn | 20.7 | 9.4% | 5.8% | +1.7% | +38% / unavailable |
| HOSHornbeck Offshore Services, Inc. | 790.0 m | 20.1 | 2.5% | 3.0% | −4.9% | −20% / −42% |
| PUMPProPetro Holding Corp. | 738.4 m | — | 0.2% | 0.2% | −12.1% | −37% / −34% |
| WTTRSelect Water Solutions, Inc. | 622.7 m | 19.5 | 3.5% | 2.2% | −3.1% | +53% / +107% |
| ACDCProFrac Holding Corp. | 493.6 m | — | -57.4% | -22.8% | −11.4% | −23% / −66% |
| CLBCore Laboratories Inc. | 409.2 m | 26.5 | 5.7% | 3.0% | +0.5% | −41% / −50% |
| NGSNatural Gas Services Group, Inc. | 344.1 m | 16.6 | 7.3% | 10.8% | +9.9% | −14% / +74% |
| TUSKMammoth Energy Services, Inc. | 143.4 m | 10.1 | 5.3% | 17.1% | −2.9% | +62% / −33% |
| NINENine Energy Service, Inc. | 94.7 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 20.4 m | — | — | -9.7% | −10.2% | −42% / −90% |
| RCONRecon Technology, Ltd | 8.7 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −34% / −54% |
| RNGRRanger Energy Services, Inc. | — | 20.1 | 5.1% | 2.6% | −4.2% | −6% / +30% |
| WBIWaterBridge Infrastructure LLC | — | 399.2 | 0.5% | 0.5% | +66.2% | +5% / unavailable |
| LBRTLiberty Energy Inc. | — | 46.8 | 2.0% | 0.9% | −7.2% | −36% / −43% |
1- and 3-year price returns: for XPRO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Expro Ltd is a major provider of energy services to exploration and production companies in over 60 countries, covering well construction, well flow management and subsea well access. In the second quarter of 2026 the company reported revenue of $393 million 2, while the Middle East conflict tempered results and kept near-term uncertainty elevated.
SWOT
Strengths
- The company has a broad portfolio of services across the well life cycle and a diversified customer base 1.
- Liquidity remains solid, and adjusted free cash flow in the second quarter was positive 2.
- The Enhanced Drilling acquisition adds a differentiated technology capability to the existing portfolio 2.
Weaknesses
- First-half results were affected by seasonality and the Middle East conflict, which reduced margins 2.
- High exposure of the Coretrax product line in the Middle East makes results sensitive to developments in that region 2.
- The company relies on large projects and operator timing, making revenue uneven from one quarter to the next 2.
Opportunities
Risks
- Middle East exposurehigh
The regional conflict delayed activity and shifted second-half recovery assumptions, and a new escalation could again affect high-margin segments 2.
- Oil price volatilityhigh
Price sensitivity to events in the Strait of Hormuz could influence client decisions on drilling and services spending 1.
- Integration of Enhanced Drillingmedium
Integrating an acquisition of significant size could create costs and operational difficulties, and expected benefits could be delayed 2.
- Pace of cost reduction deliverymedium
If the structural savings planned for 2026 are not fully realized, second-half margins could fall short of expectations 2.
- Operational and safety incidentslow
Work in offshore environments and conflict zones carries safety and environmental risks that could affect results and the company's reputation 1.
Investment thesis
What would need to be true (bull case)
- If the offshore recovery and rising subsea tree orders are confirmed, the company could see higher activity volumes and improving margins in the coming years 2.
- Revised 2026 guidance keeps a significant step-up in adjusted EBITDA in the second half, supported by strategic execution and the Enhanced Drilling contribution 2.
- The commitment to returning cash to shareholders and high liquidity give the company financial flexibility even in volatile periods 2.
What would break the thesis
- The Middle East conflict has lasted longer than anticipated and guidance was moderated, which could mean second-half expectations are too optimistic 2.
- A near-term decline in global oil demand could reduce client activity and pressure service pricing 1.
- If Coretrax and other product lines contribute less than estimated, margin improvement could be slower than communicated 2.
What to watch
- Delivery of adjusted EBITDA margin in the second half and in the fourth quarterQ4 2026
- Evolution of the Middle East conflict and its effect on the MENA segmentQ3 2026
- Contribution of Enhanced Drilling over five months of consolidationQ4 2026
- Pace of shareholder returns and compliance with the 33 percent adjusted free cash flow commitment2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
Expro builds its business around the well life cycle, offering solutions for well construction, flow management and well intervention, with a focus on safety and service quality 1. The company has approximately 7,000 employees and operates in over 60 countries, working for national and international oil companies and independent producers 1. Revenue comes mainly from services charged to operators, equipment sales tied to operations and maintenance arrangements, and sales of certain well construction products 1.
Segments
Well construction
The well construction division includes tubular running services, tubular products, cementing and drilling tools, where the company says it is a market leader in deepwater tubular running 1.
Well management
Well management covers well flow management, subsea well access and well intervention, including CoilHose, Octopoda and Galea solutions as well as production testing systems 1. The Enhanced Drilling acquisition, closed in July 2026, adds a differentiated technology capability to the portfolio 2.
Trends
- Middle East geopolitical volatilityheadwind
Tensions in the Persian Gulf delayed activity in the region and moderated the anticipated growth in high-margin segments, although MENA operations stayed resilient 2.
- Offshore recovery and subsea tree orderstailwind
Rising subsea tree orders and offshore rig utilization could support a more robust activity set for the company in the coming years, if the trend holds 2.
- Technology-enabled efficiency demanded by operatorstailwind
Operators are placing more emphasis on technology-driven efficiency gains, an area where the company believes it can differentiate itself 2.
- Near-term decline in oil demandmixed
Lower global oil consumption, especially in non-OECD countries, could limit drilling and services activity in the short term before any recovery 1.
Competitive position
The supplied sources do not explicitly identify the company's competitors. The company presents itself as a leader in certain niches, such as deepwater tubular running, and points to its technology as a differentiator from other providers 12. A full competitive analysis would require additional sources.
- Well services providers, not named in sources
The sources do not name competitors; active providers in the same service niches remain to be verified.
- Tubular running and cementing service providers
The company considers itself a leader in some segments, but the sources do not indicate its direct rivals.
- Subsea access system providers
According to the company, demand for subsea systems is rising, yet the sources do not list other participants.
- Well intervention service providers
The sources mention an extensive fleet but do not name other providers in the same areas.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Consiliul Concurenței autorizează preluarea Enhanced Well Technologies Group de către Expro Holdings UKJuridice.ro · 29 Jun 2026 · RO
- Consiliul Concurenţei autorizează preluarea Enhanced Well Technologies Group AS de către furnizorul de servicii în energie ExproMoney.ro · 29 Jun 2026 · RO
- Undă verde pentru o tranzacție în industria petrolului și gazelor: Expro preia Enhanced Well TechnologiesEconomedia · 29 Jun 2026 · RO
- Consiliul Concurenței analizează preluarea Enhanced Well Technologies Group de către Expro Holdings UKJuridice.ro · 12 Jun 2026 · RO
- Tranzacție în industria petrolului și gazelor cu efecte și în România: Britanicii de la Expro vor să preia grupul norvegian Enhanced Well TechnologiesEconomedia · 12 Jun 2026 · RO
The latest news item in our archive is from 29 Jun 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report28 Jul 2026
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-Q, quarter ended 2026-06-30 · SEC / Expro Ltd · 28 Jul 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Expro Ltd · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.