Expro valued at £103.2m

Shares in Expro International, the oilfield services group, were priced at 175p yesterday, valuing the company at £103.2m. The group, a management buyout from Flextech which includes BP, Shell and Elf on its customer list, is issuing 29.2 million shares of which 7.3 million are subject to clawback under the public element of the offer.

Yesterday's prospectus forecast operating profits of £12m for the year to March compared with £10.4m last year. In the year to March 1992 profits were £7.6m. Expro has a strong reputation in the management of oil and gas wells from the exploration stage through to development and production and operates around the world. More than half its sales are overseas.