The oil services sector has been rife with takeover speculation in recent months, and a possible deal has finally emerged. Reading-based Expro International has just announced it has received a preliminary approach.
Expro shares jumped 31% to £12.08, valuing the company at nearly £1.5bn. Last year Amec was said to be interested in rival oil services business John D. Wood, and Abbot group had also been tipped as a bid target.
Last year Expro said it was working with US oil services giant Halliburton to provide testing services for Brazil's Petrobras.
Expro is currently the biggest riser in the FTSE 250. The biggest loser among the mid-caps is accident claim handling firm Helphire, down 95.75p to 194.75p after its first half figures missed City forecasts. Profit for the period rose 7% to £19.4m but analysts had been looking for up to £24m. The discrepancy seems to have been the costs the company has unexpectedly incurred in going all out to win new business. Helphire's shares are heavily shorted, and at the moment the bears are winning out.
