Exhibit 99.1

CORRECTING and REPLACING Expro Group Holdings N.V. Announces First Quarter 2024 Results

Revenue of $383 million, down 6% sequentially and up 13% year-over-year.

Net loss of $3 million, as compared to net loss of $12 million for the fourth quarter of 2023 and a net loss of $6 million for the first quarter of 2023. Net loss margin was (1)% for the first quarter of 2024, compared to (3)% for the fourth quarter of 2023.

Adjusted EBITDA1 of $67 million, down 20% sequentially and up 61% year-over-year. Adjusted EBITDA margin1 of 18%, compared to 21% for the fourth quarter of 2023.

Reaffirming full-year 2024 guidance of $1.6 to $1.7 billion of revenue and $325 to $375 million of Adjusted EBITDA, supported by the strong first quarter performance, contract awards, the recently completed PRT Offshore acquisition, and the pending Coretrax acquisition.

EXPRO GROUP HOLDINGS N.V. ANNOUNCES FIRST QUARTER 2024 RESULTS

Revenue of $383 million, down 6% sequentially and up 13% year-over-year. 

Net loss of $3 million, as compared to net loss of $12 million for the fourth quarter of 2023 and a net loss of $6 million for the first quarter of 2023. Net loss margin was (1)% for the first quarter of 2024, compared to (3)% for the fourth quarter of 2023.

Adjusted EBITDA1 of $67 million, down 20% sequentially and up 61% year-over-year. Adjusted EBITDA margin1 of 18%, compared to 21% for the fourth quarter of 2023.

Reaffirming full-year 2024 guidance of $1.6 to $1.7 billion of revenue and $325 to $375 million of Adjusted EBITDA, supported by the strong first quarter performance, contract awards, the recently completed PRT Offshore acquisition, and the pending Coretrax acquisition.

HOUSTON - April 25, 2024 – Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months ended March 31, 2024.

First Quarter 2024 Highlights

Michael Jardon, Chief Executive Officer, noted “Expro has started 2024 in a strong position delivering solid financial results for the first quarter, with revenue surpassing expectations and Adjusted EBITDA consistent with the midpoint of guidance provided on our fourth quarter of 2023 earnings conference call. These results are encouraging for the full year 2024 outlook and a testament to our commitment to deliver excellence and innovation across all areas of operation.

“Our positive outlook is based on a constructive fundamental backdrop and increasing global demand for cost effective technology-enabled services and solutions. While we expect reduced activity in the US land market for the next several quarters, we believe international and offshore markets are in the early stages of a multi-year growth phase and that strong business momentum will be sustained across Expro’s geo-markets and product lines for at least the next several years. In the first quarter we captured more than $230 million of work globally and our backlog remained stable quarter-over -quarter at approximately $2 billion.

1.     A non-GAAP measure.

“In the first quarter, we announced that Expro entered into a definitive agreement to acquire Coretrax, a technology leader in performance drilling tools and wellbore cleanup, well integrity and production optimization solutions. Coretrax has a complementary offering to Expro with little overlap and will broaden our services and solutions offered through our Well Construction and Well Intervention & Integrity product lines, adding significant value to our clients from innovative technologies that reduce risk and cost, improve drilling efficiency, extend the life of existing well stock, and optimize production. As we near completion of the acquisition of Coretrax, integration planning is underway, and we look forward to John Fraser and team joining the Expro family. 

“We continue to gain momentum across carbon capture, utilization and storage (CCUS) with Expro participating in Japan’s first clean hydrogen production demonstration project. Expro's comprehensive scope of services will support the project's goal of reducing carbon emissions while advancing clean energy solutions as we play our part as a citizen of the world.

“As we look ahead, Expro is well positioned for additional margin expansions in our drilling and completions levered businesses, which will drive improved group profitability and shareholder returns. Based on recent performance, good dialog with customers and a positive market outlook, we are comfortable reiterating 2024 guidance for revenues of between $1,600 million and $1,700 million. Adjusted EBITDA in 2024 is expected to be between $325 million and $375 million, and Adjusted EBITDA margin is expected to be between 20% and 22%. Full-year guidance assumes our proposed acquisition of Coretrax will be completed at the beginning of the third quarter, with some upside tied to a possible closing of the transaction a month or two earlier than this assumption. Second quarter revenue is expected to reflect approximately 3% year-on-year growth and sequential growth of 7%, with Adjusted EBITDA Margin in an expected range of 20% to 21%, or up 200 to 300 basis points year-on-year and sequentially in both cases based on the mid-point of second quarter guidance.”

Notable Awards and Achievements

In the NLA region, we worked with a major operator to help optimize critical cementing operations, implementing our Rotating Plug Launcher to facilitate rotation during cementing and provide necessary cement competency and zonal isolation. This innovative solution not only enhanced safety but also standardized operations across a fleet of active drilling rigs, showcasing our ability to provide efficient and reliable services.

Expanding our presence in Eastern Europe and the Black Sea, the ESSA region secured three deepwater contracts in Romania, totaling more than$10 million. These contracts underscore our technical expertise and the trust clients place in our capabilities to deliver advanced technology solutions for their projects.

In the MENA region, Expro secured a significant contract for cementing accessories in Egypt’s deepwater market, featuring our wireless cement heads. This contract marks a pivotal step in promoting hands-free cementing operations globally, enhancing safety, efficiency, and operational speed.

Furthermore, Eni S.p.A.’s project to develop an onshore liquefied natural gas pre-treatment facility in Congo is progressing well, with the team achieving over one million manhours lost time injury free. This project exemplifies our commitment to safety and sustainable operations while contributing to the global energy transition.

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the first quarter of 2024 to the results for the fourth quarter of 2023.

North and Latin America (NLA)

Revenue for the NLA segment was $130 million for the three months ended March 31, 2024, a decrease of $15 million, or 10%, compared to $145 million for the three months ended December 31, 2023. The decrease was primarily due to lower Well Construction revenue in the United States, Guyana and Mexico, partially offset by increased Well Intervention & Integrity revenue in the United States and Brazil and higher Well Flow Management revenue in Colombia.

Segment EBITDA for the NLA segment was $34 million, or 26% of revenues, during the three months ended March 31, 2024, a decrease of $10 million, or 22%, compared to $44 million or 30% of revenues during the three months ended December 31, 2023. The decrease in Segment EBITDA and Segment EBITDA margin was attributable to lower activity and activity mix during the three months ended March 31, 2024.

Europe and Sub-Saharan Africa (ESSA)

Revenue for the ESSA segment was $122 million for the three months ended March 31, 2024, a decrease of $12 million, or 9%, compared to $134 million for the three months ended December 31, 2023. The decrease in revenues was primarily driven by lower Well Flow Management revenue in Congo, lower Subsea Well Access revenue in the Western and Central Africa, and lower Well Construction revenue in the UK and Angola, partially offset by higher Well Intervention & Integrity revenue in the UK and higher Well Flow Management revenue in Norway and Denmark.

Segment EBITDA for the ESSA segment was $25 million, or 21% of revenues, for the three months ended March 31, 2024, a decrease of $16 million, or 39%, compared to $41 million, or 31% of revenues, for the three months ended December 31, 2023. The decrease in Segment EBITDA and Segment EBITDA margin was attributable to a combination of lower activity, activity mix and reduced margin recognized on our pre-treatment facility project in Congo during the three months ended March 31, 2024.

Middle East and North Africa (MENA)

Revenue for the MENA segment was $71 million for the three months ended March 31, 2024, an increase of $6 million, or 9%, compared to $65 million for the three months ended December 31, 2023. The increase in revenue was driven higher Well Flow Management revenue in Algeria and Saudi Arabia, partially offset by lower Well Construction revenue in Morocco.

Segment EBITDA for the MENA segment was $25 million, or 34% of revenues, for the three months ended March 31, 2024, an increase of $3 million, or 15%, compared to $21 million, or 32% of revenues, for the three months ended December 31, 2023. The increase in Segment EBITDA and Segment EBITDA margin was primarily due to increased activity on higher-margin projects and a more favorable activity mix during the three months ended March 31, 2024.

Asia Pacific (APAC)

Revenue for the APAC segment was $60 million for the three months ended March 31, 2024, a decrease of $2 million, or 4%, compared to $62 million for the three months ended December 31, 2023. The decrease in revenue was primarily due to lower Well Flow Management, Well Intervention & Integrity and Subsea Well Access revenue in Malaysia, offset by higher Subsea Well Access revenue in China and Australia, and higher Well Flow Management revenue in Australia and Thailand.

Segment EBITDA for the APAC segment was $11 million, or 18% of revenues, for the three months ended March 31, 2024, an increase of $6 million, compared to $5 million, or 9% of revenues, for the three months ended December 31, 2023. The increase in Segment EBITDA is attributable primarily to higher activity.

Other Financial Information

The Company’s capital expenditures totaled $31 million in the first quarter of 2024, of which approximately 90% were used for the purchase and manufacture of equipment to directly support customer-related activities and approximately 10% for other property, plant and equipment, inclusive of software costs. Expro plans for capital expenditures in the range of approximately $100 million to $110 million for the remainder of 2024.

As of March 31, 2024, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $165 million. The Company had outstanding long-term borrowings of $40 million as of March 31, 2024. The Company’s total liquidity as of March 31, 2024 was $291 million. Total liquidity includes $127 million available for drawdowns as loans under the Company’s revolving credit facility.

Expro’s provision for income taxes for both the first quarter of 2024 and the fourth quarter of 2023 was approximately $12 million and $13 million. The Company’s effective tax rate on a U.S. generally accepted accounting principles (“GAAP”) basis for the three months ended March 31, 2024, also reflects liability for taxes in certain jurisdictions that tax on an other than pre-tax profits basis, including so-called “deemed profits” regimes.

On October 6, 2023, the Company amended and restated its revolving credit facility pursuant to an amendment and restatement agreement with DNB Bank ASA, London Branch, as agent, in order to extend the maturity of the facility for a further 36 months and increase the total commitments to $250 million, of which $167 million is available for drawdowns as loans and $83 million is available for letters of credit. The Company has the ability to increase the commitments to $350 million.

The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.

Additionally, downloadable financials are available on the Investor section of www.expro.com.

Conference Call

The Company will host a conference call to discuss first quarter 2024 results on Thursday, April 25, 2024, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

Participants may also join the conference call by dialing:

U.S.: +1 (833) 470-1428

International: +1 (929) 526-1599

Access ID: 673250

To listen via live webcast, please visit the Investor section of www.expro.com.

The first quarter 2024 Investor Presentation is available on the Investor section of www.expro.com.

An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of approximately 12 months.

To access the audio replay telephonically:

Dial-In: U.S. +1 (866) 813-9403 or +1 (929) 458-6194 

Access ID: 436305

Start Date: April 25, 2024, 10:00 a.m. CT

End Date: May 9, 2024, 10:59 p.m. CT

A transcript of the conference call will be posted to the Investor relations section of the Company’s website as soon as practicable after the conclusion of the call.

ABOUT EXPRO

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.

With roots dating to 1938, Expro has more than 8,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries.

For more information, please visit: www.expro.com and connect with Expro on X @ExproGroup and LinkedIn @Expro.

Contact:

Chad Stephenson – Director Investor Relations

+1 (713) 463-9776

InvestorRelations@expro.com

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this release 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 release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, guidance, operating results, environmental, social and governance goals, targets and initiatives, estimates and projections regarding the outcome and benefits of the proposed Coretrax acquisition, the Company’s ability to achieve the anticipated synergies as a result of the proposed Coretrax acquisition and the timing of the closing of the proposed Coretrax acquisition. 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 amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique 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, 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, inflationary pressures, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.

Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 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.

Use of Non-GAAP Financial Measures

This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted net income (loss) and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP. Because Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted net income (loss) and adjusted net income (loss) per diluted share may be defined differently by other companies in the industry, the presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Expro defines Adjusted EBITDA as net income (loss) adjusted for (a) income tax expense, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other (income) expense, net, (g) stock-based compensation expense, (h) foreign exchange (gains) losses and (i) interest and finance (income) expense, net. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of total revenue.

Contribution is defined as total revenue less cost of revenue excluding depreciation and amortization expense, adjusted for indirect support costs and stock-based compensation expense included in cost of revenue. Contribution margin is defined as contribution divided by total revenue, expressed as a percentage. Support costs is defined as indirect costs attributable to supporting the activities of the operating segments, research and engineering expenses and product line management costs included in cost of revenue, excluding depreciation and amortization expense, and general and administrative expense, excluding depreciation and amortization expense, which represent costs of running the corporate head office and other central functions, including logistics, sales and marketing and health and safety, and does not include foreign exchange gains or losses and other non-routine expenses. 

The Company defines adjusted net income (loss) as net income (loss) before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items. The Company defines adjusted net income (loss) per diluted share as net income (loss) per diluted share before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items, divided by diluted weighted average common shares.

Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.

Revenue by areas of capabilities:

Support Costs(4):

Reconciliation of Adjusted Net Income per Diluted Share: