United States

Profile: Forum Energy Technologies Inc (FET.N)

FET.N on New York Stock Exchange

20 Jan 2017
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$0.35 (+1.54%)
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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 two segments: Drilling & Subsea, and Production & Infrastructure. The Company's 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 rigs, upgrades and refurbishment projects; subsea construction and development projects; the placement of production equipment on 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 reliable products for its diverse customers base, which includes, among others, oil and gas operators, land and offshore drilling contractors, oilfield service companies, subsea construction and service companies, and pipeline and refinery operators. The Company serves the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry.

Drilling & Subsea segment

The Company's Drilling & Subsea segment designs and manufactures products and provides related services to the subsea, drilling, well construction, completion and intervention markets. Through this segment, it offers subsea technologies, including robotic vehicles and other capital equipment, specialty components and tooling, a suite of subsea technical services and rental items, and applied products for subsea pipelines; drilling technologies, including capital equipment and a line of products consumed in the drilling and well intervention process, and downhole technologies, including cementing and casing tools, completion products and a range of downhole protection solutions. It designs and manufactures powered tubular handling equipment used on onshore and offshore drilling rigs. The Company manufactures make-up and break-out tools, Forum B+V Oil Tools Floorhand and Wrangler Roughneck, which automates a dangerous rig floor task and improves rig drilling speed and safety. It also 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. Many of these cranes are fit-for-purpose multi-axis cranes that provide access to hard-to-reach places and eliminate the need for manual interface. In addition to powered tubular handling equipment, materials handling and personnel transfer equipment, it manufactures drilling manifold systems and high pressure piping packages. The Company also manufactures data acquisition products that include integrated drill floor instrumentation and monitoring systems. These systems provide real-time monitoring and logging of drilling data to drilling contractors, and oil and gas producers on the rig and at remote locations. They measure, collect, store and display drilling data on a real-time basis, as is expected by its customers in the drilling environment. It repairs and services drilling equipment for both land and offshore rigs.

The Company provides a range of powered and manual tubular handling tools used on onshore and offshore drilling rigs. Its Forum B+V Oil Tools and Wrangler branded tools reduce direct human involvement in the handling of pipe during drilling operations. Its tubular handling tools include elevators, clamps, slip handles, tong handles, powered slips, spiders and kelly spinners. The Company 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. The Company is also a supplier of oilfield bearings to original equipment manufacturers and repair businesses for use on drilling and well stimulation equipment. 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. It 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 designing and manufacturing remotely operated vehicle (ROV) systems and other specialty subsea vehicles, as well as critical components of these vehicles. It operates primarily from facilities in Houston, Texas; Kirkbymoorside and Newcastle, England; Aberdeen, Scotland; Singapore, and Macae, Brazil.

The Company designs and manufactures a range of ROVs that it supplies to the offshore subsea construction, observation and related service markets. It designs and manufactures work-class ROVs through its Perry brand. These vehicles are principally used in deep-water construction applications with the vehicles providing over 200 horsepower, exceeding approximately 1,200 pounds of payload capacity and having the capability of working in depths of over 4,000 meters. In addition to work-class ROVs, the Company designs and manufactures 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. The Company's subsea vehicle customers are offshore construction companies, but also include non-oil and gas industry entities, such as a range of governmental organizations, including navies, maritime science and geosciences research organizations, offshore wind power companies and other industries operating in marine environments. In addition to subsea vehicles, the Company manufactures 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.

The Company designs and manufactures these ROV components for incorporation into its own vehicles, as well as for sale to other ROV manufacturers. It also provides a suite of subsea tooling, both industry standard and custom designed. 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 customers in this product line are offshore pipeline construction companies. The Company maintains a fleet of subsea rental items, mainly subsea positioning equipment. Its customers for rental items are subsea construction and offshore service companies. In addition, the Company offers a system that offers a complete solution for digital video capture, playback, processing and reporting of subsea inspection survey data. It also maintains a geophysical and geotechnical engineering group that provides consulting services to the oil and gas, and marine industries, to interpret and analyze third-party subsea data provided by clients. The Company manufactures a line of downhole products that are consumed during the well construction, completion and production enhancement processes. 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 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.

The Company's products are used in the construction of onshore and offshore wells. It manufactures a line of downhole completion tools, including composite plugs and wireline flow-control products. The Company's composite plugs are used for zonal isolation during multi-stage hydraulic fracturing in horizontal and vertical wells. It offers a range of plug sizes to fit various casings, as well as a range of temperature and pressure ratings to accommodate different well environments. Its wireline flow-control products include various components included in completions, such as landing nipples, circulating sleeves, blanking plugs and separation tools. The Company offers a range of downhole protection solutions through its Cannon Services brand. The clamp and protection system is used to shield downhole control lines, cables and gauges during installation and to provide protection during production enhancement operations. It designs and manufactures a range of downhole protection solutions for electrical submersible pump (ESP) cabling, encapsulated control lines, sub-surface safety valves and permanent downhole gauges. The Company provides both standard and customized protection systems, and it utilizes a range of materials in its products for various downhole environments.

Production & Infrastructure segment

The Company's Production & Infrastructure segment designs and manufactures products and provides related equipment and services to the well stimulation, production and infrastructure markets. Through this segment, it supplies flow equipment, including pumps and well stimulation consumable products and related recertification and refurbishment services; production equipment, including well site production equipment and process equipment, and valve solutions, which include a range of industrial and process valves. It provides a range of high pressure flow equipment used by well stimulation, or pressure pumping, companies during the stimulation, intervention and flowback processes. The Company provides a complete suite of equipment used in pressure pumping operations. 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. Its customers in the flow equipment product line are pressure pumping and flowback service companies. Its surface production equipment product line provides engineered process systems and field services for capital equipment used at the wellsite, for production processing, and at the refinery. It serves the upstream, midstream and downstream segments in oil and gas production equipment and services.

The Company also provides desalination and dehydration equipment. It 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. Its customers are principally oil and gas operators/producers. The Company designs, manufactures and provides a range of industrial valves that serve the upstream, midstream and downstream markets of the oil and gas industry. Its valves 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: PBV, DSI, Quadrant and ABZ. The Company manufactures and warehouses its engineered PBV ball valves at its approximately 200,000 square foot valve manufacturing facility in Stafford, Texas and its over 250,000 square foot warehouse in Houston, Texas, which is also utilized by its other product lines.

The Company competes with Cameron International Corporation, FMC Technologies, Inc., Exterran Corp., The Weir Group PLC, National Oilwell Varco, Inc. and Weatherford International, Ltd.

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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