Fiserv Inc Stock Price, News & Analysis

Expro Group has successfully completed its merger with Frank’s International N.V., creating a leading energy services company. The new entity will trade on the NYSE under the symbol 'XPRO' starting October 4, 2021, while Frank’s stock ceased trading under 'FI' as of October 1, 2021. CEO Mike Jardon emphasized a commitment to innovation, safety, and sustainability. The merger enhances Expro’s capabilities, expanding its customer base and market reach, with potential for significant cost and revenue synergies, as well as a robust technology portfolio aimed at reducing carbon intensity.

Frank’s International N.V. (NYSE: FI) announced the successful approval of all proposals at its Annual General Meeting, including the merger with Expro, which garnered over 90% shareholder support. The merger is set to close on October 1, 2021, fulfilling all closing conditions. A reverse stock split at a ratio of 6-for-1 will occur concurrently with the merger's completion. Management expressed confidence in the combined entity's potential for growth and profitability, enhancing market position and service offerings in the energy sector.

Frank's International N.V. (NYSE: FI) has achieved record operational milestones for a supermajor offshore operator in Canada. Utilizing proprietary technologies like the Collar Load Support System (CLS^TM), the company improved joint handling efficiency by 133%, raising the average joints per hour from 3 to 7. This resulted in significant time and cost savings for a multi-well program while enhancing personnel safety. The BACKPACKER^TM system successfully managed 1,357 joints with only one rejection, underlining Frank's commitment to innovation and operational excellence.

Expro has successfully concluded a Plug and Abandonment (P&A) project for PETRONAS subsidiary PC Mauritania 1 Pty Ltd, valued over $20 million. The project involved 15 wells in Mauritania's Chinguetti Field Phase II, using Expro's Open Water Intervention Riser System (OWIRS), which achieved 100% operational uptime. Expro's project management team in Kuala Lumpur supported the contract's execution, overcoming pandemic-related challenges. This success marks Expro's first intervention riser system venture and positions the company for further contracts in Asia and Australia.

Frank’s International N.V. (NYSE: FI) reported a second quarter revenue of $107.8 million, marking a 14% increase from the previous quarter and 25% year-over-year. The net loss improved to $12.6 million from $23.9 million. Adjusted EBITDA reached $12.4 million, an 85% increase sequentially. The company is on track for a strategic merger with Expro Group to enhance its energy services portfolio. Revenue growth was noted across all segments, with significant contributions from U.S. Gulf of Mexico and geothermal energy projects, indicating strong operational momentum.

Frank's International (NYSE: FI) announced it received the inaugural 2021 Most Valuable Partner Award from a major operator for its outstanding service in Guyana. The award recognized Frank's achievement in Safety, Security, Health, and Environment (SSHE) Excellence, Reliability, Adaptability, and Proactivity. Their customized solutions facilitated faster casing runs while ensuring personnel safety. The company achieved an impressive 99.8% uptime and saved five hours in operations thanks to effective planning and execution by its Tubular Running Services, Cementing, and Well Integrity teams.