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United States

Profile: Forum Energy Technologies Inc (FET.N)

FET.N on New York Stock Exchange

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Forum Energy Technologies, Inc., incorporated on May 10, 2005, is an oilfield products company. The Company designs, manufactures and distributes products, and engages in aftermarket services, parts supply and related services. The Company operates through three segments: Drilling & Subsea, Completions, and Production & Infrastructure. Its product offering includes a mix of engineered capital products and replaced items that are used in the exploration, development, production and transportation of oil and natural gas. Its capital products are targeted at drilling rig equipment for new rigs, upgrades and refurbishment projects; subsea construction and development projects; the placement of production equipment on new producing wells; pressure pumping equipment, and downstream capital projects. Its engineered systems are components used on drilling rigs for completions or in the course of subsea operations, while its consumable products are used to maintain operations at well sites in the well construction process, within the supporting infrastructure and at processing centers and refineries. The Company seeks to design, manufacture and supply products for its diverse customer base, which includes oil and natural gas operators, land and offshore drilling contractors, oilfield service companies, subsea construction and service companies in both oil and natural gas and non-oil and natural gas industries, and pipeline and refinery operators.

Drilling & Subsea segment

The Drilling & Subsea segment designs and manufactures products, and provides related services to the drilling and subsea construction markets. Through this segment, the Company offers drilling technologies, including capital equipment and a line of products consumed in the drilling process, and subsea technologies, including robotic vehicles and other capital equipment, specialty components and tooling, a suite of complementary subsea technical services and rental items and products used in pipeline infrastructure.

The Company provides both drilling capital equipment and consumables. The Company designs and manufactures a range of powered and manual tubular handling tools used on onshore and offshore drilling rigs. It offers Forum B+V Oil Tools and Wrangler branded tools. Its tubular handling tools include elevators, clamps, slip handles, tong handles, powered slips, spiders and kelly spinners. Its hydraulic catwalks mechanize the lifting and lowering of tubulars to and from the drill floor. In addition, its make-up and break-out tools, called Forum B+V Oil Tools Floorhand and Wrangler Roughneck, automate the rig floor task. It designs and manufactures specialized torque equipment and related control systems for tubular connections, including high torque stroking, or bucking units, fully rotational torque units, portable torque units for field deployment, and provides aftermarket service. In addition, the Company designs and manufactures a range of rig-based offline activity cranes, multi-purpose cranes and personnel transfer solutions. The Company designs and manufactures drilling manifold systems and high pressure piping packages. It also manufactures drill floor instrumentation and monitoring systems. It repairs and services drilling equipment for both land and offshore rigs. It manufactures a range of consumable products used on drilling rigs, well servicing rigs, pressure pumping units and hydraulic fracturing systems. Its consumable products include valves, centrifugal pumps, mud pump parts, rig sensors, inserts, and dies. It is also a supplier of oilfield bearings to original equipment manufacturers and repair businesses for use on drilling and well stimulation equipment.

The Company designs and manufactures capital equipment and specialty components used in the subsea sector, and provides a suite of complementary subsea technical services and rental items. It focuses on the design and manufacture of remotely operated vehicle (ROV) systems and other specialty subsea vehicles, as well as critical components of these vehicles. It is a designer and manufacturer of a range of ROVs that it supplies to the offshore subsea construction, observation and related service markets. The Company designs and manufactures work-class ROVs through its Perry brand. These vehicles are principally used in deepwater construction applications. In addition to work-class ROVs, it designs and manufactures large subsea trenchers that travel along the sea floor for digging, installation and burial operations. Its Sub-Atlantic branded observation-class vehicles are electrically powered, and are principally used for inspection, survey and light manipulation, and serve a range of industries. Its subsea vehicle customers include offshore construction companies, and non-oil and natural gas industry entities, such as a range of governmental organizations including navies, maritime science and geoscience research organizations, offshore wind power companies and other industries operating in marine environments.

In addition to subsea vehicles, the Company is a manufacturer of subsea products and components. The Company designs and manufactures a group of products that are used in and around the ROV. It manufactures Dynacon branded ROV launch and recovery systems; Syntech branded syntactic foam buoyancy components; Sub-Atlantic branded ROV thrusters, and a range of hydraulic power units and valve packs. It designs and manufactures these ROV components for incorporation into its own vehicles, as well as for sale to other ROV manufacturers. In addition to vehicle-related subsea products, the Company provides products used in subsea infrastructure, including subsea pipeline inspection gauge launching and receiving systems, and subsea connectors. Its primary customers in this product line are offshore pipeline construction companies. The Company maintains a fleet of subsea rental items, primarily subsea positioning equipment. Its customers for rental items are primarily subsea construction and offshore service companies. In addition, the Company offers a system that provides a solution for digital video capture, playback, processing and reporting of subsea inspection survey data.

Completions segment

The Completions segment designs, manufactures and supplies products, and provide related services to the well construction, completion, stimulation and intervention markets. Through this segment, the Company offers downhole technologies, including cementing and casing tools, completion products, and a range of downhole cable protection solutions, and stimulation and intervention technologies, including pumps and well stimulation consumable products and related recertification and refurbishment services.

The Company manufactures a line of downhole products that are consumed during the well construction, completion and production enhancement processes. These include Casing and cementing tools, Completion products and Downhole protection systems. Through its Davis-Lynch branded downhole well construction and completion tools business, the Company designs and manufactures products used in the construction of oil and natural gas wells. It designs and manufactures a range of centralizers, float equipment, stage cementing tools, inflatable packers, flotation collars, cementing plugs, fill and circulation tools for running casing, casing hangers and surge reduction equipment. Its products are used in the construction of onshore and offshore wells. It manufactures a line of downhole completion tools, including composite plugs, wireline flow-control products and packers. It offers a range of downhole protection solutions through its Cannon Services brand.

The Company provides a range of high pressure pumps and flow equipment used by well stimulation, or pressure pumping, companies during stimulation, intervention and flowback processes. It designs and manufactures pressure control plug, choke and relief valves, swivel joints, pup joints and integral fittings, manifolds and manifold trailers, as well as triplex and quintuplex fluid-end assemblies. It manufactures pressure control products that are used for well intervention operations, and are sold directly to oilfield service companies and equipment rental companies. These products include both coiled tubing and wireline blowout preventers and their accessories. It also conducts aftermarket refurbishment and recertification services for pressure control equipment. In addition to blowout preventers for wireline units, the Company manufactures electro-mechanical wireline cables. Its primary customers in the Stimulation and Intervention product line are pressure pumping and flowback service companies. The Company, through a joint venture, Global Tubing, LLC, is engaged in the manufacture of coiled tubing strings and related services.

Production & Infrastructure segment

The Production & Infrastructure segment designs, manufactures and supplies products, and provides related equipment and services to production and infrastructure markets. Through this segment, the Company supplies production equipment, including well site production equipment and process equipment, and valve solutions, including a range of industrial and process valves. Its surface Production Equipment product line provides engineered process systems and field services for capital equipment used at the wellsite and, for production processing, in the United States.

The Company engineers, fabricates and installs tanks, separators, packaged production systems and American Society of Mechanical Engineers (ASME) and American Petroleum Institute (API) coded and non-coded pressure vessels, skidded vessels with gas measurement, modular process plants, header and manifold skids, process and flow control equipment and separators to help clean and process oil or natural gas as it travels from the wellhead and along the transmission line to the refinery. Its customers are principally oil and natural gas operators/producers. It also designs and provides process oil and produced water treatment equipment, including desalters and dehydrators, used in refineries around the world. The Company designs, manufactures and provides a range of industrial valves that principally serve the upstream, midstream and downstream markets of the oil and natural gas industry. It valves also serve general industrial, power and process industry customers, as well as the mining industry. It provides ball, gate, globe, check and butterfly valves across a range of sizes and applications. The Company markets its valves through its brands, including PBV, DSI, Quadrant, Accuseal and ABZ.

The Company competes with Schlumberger, Exterran Corp., National Oilwell Varco, Inc., TechnipFMC plc, Weatherford International, Ltd. and The Weir Group.

Company Address

Forum Energy Technologies Inc

920 Memorial City Way Ste 1000
HOUSTON   TX   77024-2653
P: +1713.3517900
F: +1281.9492554

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