fi20231117_8k.htm
false
0001575828
0001575828
2023-11-20
2023-11-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 20, 2023
Expro Group Holdings N.V.
(Exact Name of Registrant as Specified in Charter)
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The Netherlands
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001-36053
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98-1107145
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(State or Other Jurisdiction
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(Commission
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(IRS Employer
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of Incorporation)
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File Number)
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Identification No.)
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1311 Broadfield Blvd., Suite 400 Houston, TX
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77084
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(Address of Principal Executive Offices)
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(Zip code)
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(713) 463-9776
(Registrant’s telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 210.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock,
€0.06 nominal value
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XPRO
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New York Stock Exchange
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
Expro Group Holdings N.V. (the “Company”) has previously disclosed an incident, offshore Australia, in which the wire failed on the main crane of a third party-owned vessel working with the Company while the crane was suspending the subsea module (“SSM”) of the Company’s vessel-deployed lightwell intervention (“LWI”) system. In a press release dated October 26, 2023, the Company disclosed that it did not expect that recovery and repair costs, net of insurance, would be material to the Company’s financial results and that, after recovery of the LWI equipment, it would be in a position to determine when the LWI system would be able to return to operational status, what alternative service delivery options and service partner options were available to the Company and the timing and cost (including potential damages claims) of completing customer work scopes for which the LWI system was integral.
The Company continues to expect that recovery and repair costs, net of insurance, will not be material to the Company’s financial results. While the Company is continuing to evaluate the timing and cost of completing customer work scopes, based on currently available information, the Company does not expect such costs to be material to the Company’s financial results or otherwise exceed a range in the low tens of millions of U.S. dollars.
The Company is also pleased to confirm that a significant portion of its equipment, including the well control package (“WCP”) and lubricator components of the LWI system, which were attached to the customer’s well at the time of the incident, have been safely recovered. The Company expects to recover the rest of its equipment, including the SSM, in the first quarter of 2024 based on the availability of a suitable vessel.
The information in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Forward-Looking Statements
This current report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included in this report that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this report include statements, estimates and projections regarding recovery and repair costs, timing and cost of completing customer work scopes and the expected recovery of the SSM. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the potential damage claims with respect to completing customer work scopes, risks associated with offshore operations (including the ability to recover, and to the extent necessary, service and/or economically repair any equipment located on the seabed), political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, such as COVID-19 and any variants thereof, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as Saudi Arabia and Russia, the timing, pace and extent of an economic recovery in the United States and elsewhere, inflationary pressures, volatility in the banking sector, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance, and other assumptions, risks and uncertainties discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, historical practice or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: November 20, 2023
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Expro Group Holdings N.V.
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By:
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/s/ John McAlister
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John McAlister
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General Counsel and Secretary
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