What Expro Group Holdings N.V. told the SEC could break it.

Expro is an oilfield-services provider (well construction, well flow management, well intervention, subsea well access), so its demand is directly tied to oil & gas commodity prices and customers' upstream spending: ~63% of 2025 revenue came from offshore operations and ~65% from drilling/completions activities funded by customers' capital expenditures (the remaining ~35% from production-optimization opex). Crude/gas prices — and thus customer capex — are volatile and shaped by OPEC+ decisions, the Russia-Ukraine war and Middle East conflicts (EIA forecasts Brent ~$56/bbl for 2026). A sustained downturn in oil & gas prices or upstream investment would delay/cancel projects and reduce demand for Expro's services. A distinctive demand-side commodity-cycle exposure. Severity medium.

“the effects of world events, such as the Russian war in Ukraine and heightened tensions resulting from ongoing conflicts in the Middle East, have and may continue to materially impact the demand for crude oil and natural gas, which has contributed further to price volatility.”

Expro derives revenue from services and product sales to oil and gas operators. No single customer exceeded 10% of revenue in 2025, but one unnamed customer accounted for approximately 10.5% and 12.5% of revenue in 2024 and 2023 — a modest, declining single-customer concentration. Because demand comes from a limited set of E&P operators and national oil companies whose spending is lumpy and project-based, the loss or pullback of a large customer could still meaningfully affect a region or segment. The customer is unnamed and below 10% in 2025, so an aggregate concentration risk rather than an edge. Severity medium.

“No single customer accounted for more than 10% of our revenue for the year ended December 31, 2025. One customer accounted for approximately 10.5% and 12.5% of our revenue in the years ended December 31, 2024 and 2023, respectively.”

Approximately 81% of Expro's 2025 revenue was generated outside the United States and ~63% from offshore oil and gas operations, concentrating its business in international and offshore basins. It operates in economically and politically volatile regions — including Eastern Europe, Africa and the Middle East — exposing it to political instability, civil unrest, currency controls and devaluation, restrictions on repatriating funds, and sanctions regimes affecting key producing countries (Venezuela, Iran, Russia/Ukraine). Extreme weather (hurricanes, North Sea/Canada/Russia winters) can also curtail offshore operations. This geographic and offshore concentration amplifies the commodity-cycle exposure and adds country/sanctions risk. A distinctive international-operations concentration. Severity medium.

“approximately 81% of our revenue was generated outside of the United States and approximately 63% of our revenue was generated by activities related to offshore oil and gas operations.”