Expro Group (XPRO) said Thursday it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.

Expro said the move would cut annual costs by more than $600,000, improve flexibility for dividends and buybacks, and potentially enhance index eligibility and M&A flexibility.

In addition, shareholders would retain the same economic ownership in the company, which would remain listed on the NYSE under the "XPRO" ticker, Expro said.

Expro said proxy advisory firm Institutional Shareholder Services has revised its initial position and now recommends shareholders vote in favor of the redomicile proposal.