Forum Energy Technologies, Inc. designs, manufactures, and distributes products to the oil and natural gas industry in the United States and internationally. The company operates through three segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment designs, manufactures, and supplies products, and provides related services to the drilling, downhole, and subsea markets, as well as other markets, such as alternative energy, defense, and communications. This segment offers drilling technologies consisting of capital equipment and a line of products consumed in the drilling; downhole technologies, such as cementing and casing tools, and protection products for artificial lift equipment and cables; and subsea remotely operated vehicles and trenchers, specialty components and tools, and complementary subsea technical services. The Completions segment provides products and related services to the coiled tubing, stimulation, and intervention markets. This segment offers pressure pumping, hydraulic fracturing and flowback services markets, including hydraulic fracturing pumps, cooling systems, flow iron, wireline cable, and pressure control equipment, as well as related recertification and refurbishment services; and coiled tubing products, such as coiled tubing strings and line pipes. The Production segment designs, manufactures, and supplies products, and provides related equipment and services to the production and infrastructure markets. This segment supplies production equipment, including well site production and process equipment; and a range of industrial and process valves. The company was formerly known as Forum Oilfield Technologies, Inc. and changed its name to Forum Energy Technologies, Inc. in August 2010. Forum Energy Technologies, Inc. was incorporated in 2005 and is headquartered in Houston, Texas.
IPO Year: 2012
Exchange: NYSE
Website: f-e-t.com
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$75 million share repurchase program Net Proceeds of $20 million from sale-leaseback transactions Forum Energy Technologies, Inc. (NYSE:FET) ("FET") today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET's common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended or discontin
MISSISSAUGA, Ontario, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Bird Construction Inc. (TSX:BDT) is pleased to announce the appointment of Evelyn Angelle to its Board of Directors (the "Board"), effective immediately. Ms. Angelle will fill a vacancy on the Board, bringing the total number of directors to 10. Ms. Angelle, a private investor, philanthropist and director, joins the Board with a distinguished background in public company finance and public accounting, having held senior leadership positions at Halliburton Company after a 15-year career in the audit practice of Ernst & Young LLP. A certified public accountant in Texas and certified management accountant, Ms. Angelle's expertise will b
HOUSTON, TX / ACCESSWIRE / November 18, 2024 / Forum Energy Technologies, Inc. (NYSE:FET), a global manufacturing company, serving the oil, natural gas, industrial and renewable energy industries, will present at the Virtual Investor Summit Microcap Event. The company will be available for 1-on-1 meetings throughout the day in addition to their presentation.Event: Q4 Investor SummitPresentation Time: 11:30 AM - 12:00 PM ETLocation: https://www.webcaster4.com/Webcast/Page/3075/51632The theme is 40 micro-cap companies with a catalyst and/or strong performance in the current market.Take a deep dive with the best Investors in MicroCapLive Q & AComplimentary to Qualified Investors. Please REGISTE
Forum Energy Technologies, Inc. (NYSE:FET) ("FET") announced today that it closed its offering of USD $100.0 million aggregate principal amount of 10.5% senior secured bonds (the "Offering") on November 8, 2024. The bonds will mature in November 2029 and were issued at par. Net proceeds from the Offering, together with cash on hand, were used to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Services and were also used to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the "2025 Notes"). FET discharged its obligations under the 2025 Notes indenture, and they will be redeemed on Decembe
Revenue: $208 million, a 16% year-over-year increase Orders: $206 million and book-to-bill of 99% Net loss: $15 million, or $1.20 per diluted share Adjusted EBITDA: $26 million, up 55% year-over-year Operating cash flow and free cash flow: $26 million and $25 million, respectively Raises 2024 full year free cash flow guidance: $60 to $70 million Forum Energy Technologies, Inc. (NYSE:FET) today announced third quarter 2024 revenue of $208 million, a 1% sequential increase. Orders increased 14% sequentially to $206 million, with a book-to-bill ratio of 99%. The third quarter 2024 net loss was $15 million, or $1.20 per diluted share, compared to a second quarter net loss of $7 mil
Forum Energy Technologies, Inc. (NYSE:FET) ("FET") announced today that it has finalized the terms of FET's private offering of USD $100.0 million aggregate principal amount of 10.5% senior secured bonds (the "Offering"). The bonds will mature in November 2029 and will be issued at par. The Offering is expected to close on November 7, 2024, subject to customary closing conditions. FET intends to use the net proceeds from the Offering, together with cash on hand, to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the "2025 Notes") and to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Se
Forum Energy Technologies, Inc. (NYSE:FET) (the "Company" or "FET") today announced the following preliminary selected Third Quarter 2024 financial results, compared to the Second Quarter 2024. Revenue of approximately $208 million, compared to $205 million Bookings of approximately $205 million, compared to $180 million Adjusted EBITDA of approximately $26 million, compared to $26 million Free Cash Flow (before acquisitions) of approximately $24 million, compared to $21 million These preliminary Third Quarter 2024 revenue and Adjusted EBITDA results are within our previously announced guidance ranges. Provided below is a table reconciling GAAP to non-GAAP Second Quarter 2024 fina
Forum Energy Technologies, Inc. (NYSE:FET) ("FET") announced today the commencement of a backstopped private offering of USD $100.0 million aggregate principal amount of 5-year senior secured bonds (the "Offering"). FET intends to use the net proceeds from the Offering, together with cash on hand, to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the "2025 Notes") and to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Services (the "Seller Term Loan"). The securities to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any stat
Forum Energy Technologies, Inc. (NYSE:FET) announced today that Neal Lux, President and Chief Executive Officer, and Lyle Williams, Executive Vice President and Chief Financial Officer, will participate in a fireside chat with Water Tower Research on Wednesday, October 9, 2024 at 10:00 a.m. Central Time. The event is open access and interested parties can register through the following link: https://us06web.zoom.us/webinar/register/WN__3UUoA50RWS9BRlXns1M-Q A link to the live webcast will also be available on FET's Investor Relations web page at ir.f-e-t.com the morning of the event. FET is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET p
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its third quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, November 1, 2024. FET will issue a press release reporting its third quarter 2024 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to the start time. A replay of the call will be available on the
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Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its third quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, November 1, 2024. FET will issue a press release reporting its third quarter 2024 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to the start time. A replay of the call will be available on the
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its second quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, August 2, 2024. FET will issue a press release reporting its second quarter 2024 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to the start time. A replay of the call will be available on th
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its first quarter 2024 earnings conference call at 10:00 a.m. Central Time on Friday, May 3, 2024. FET will issue a press release reporting its first quarter 2024 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to the start time. A replay of the call will be available on the Inv
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its fourth quarter and full year 2023 earnings conference call at 10:00 a.m. Central Time on Friday, March 1, 2024. FET delayed its fourth quarter and full year 2023 earnings release and investor conference call to allow time to assess valuation allowance reserves in an international jurisdiction and quantify the potential impact to income tax and net income. After careful review and analysis, including the company's independent auditors, the valuation allowance reserves remain unchanged. FET will issue a press release reporting its fourth quarter and full year 2023 earnings prior to the conference call. The call
Preliminary Full Year 2023 Results Revenue: $739 million, a 6% year-over-year increase Orders: $724 million and book-to-bill ratio of 98% Adjusted EBITDA: Between $67 and $69 million Results delayed for finalization of valuation allowance reserve release, if any No meaningful impact to above results expected First Quarter and Full Year 2024 Guidance First Quarter 2024 Revenue and Adjusted EBITDA: $200 to $220 million and $23 to $27 million 2024 Adjusted EBITDA and Free cash flow: $100 to $120 million and $40 to $60 million Forum Energy Technologies, Inc. (NYSE:FET) today announced that it will delay the issuance of its fourth quarter and full year 2023 earnings re
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its fourth quarter and full year 2023 earnings conference call at 10:00 a.m. Central Time on Tuesday, February 20, 2024. FET will issue a press release reporting its fourth quarter and full year 2023 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to the start time. A replay of
Forum Energy Technologies, Inc. (NYSE:FET) today announced it has completed the acquisition of Variperm Energy Services ("Variperm"), a leading manufacturer of customized downhole technology solutions, providing sand and flow control products for heavy oil applications. Total consideration for the acquisition consisted of $150 million of cash and 2 million shares of FET's common stock, subject to customary purchase price adjustments. "This accretive acquisition enhances FET's downhole and artificial lift product portfolio by adding a leading manufacturer of customized downhole technology solutions in sand and flow control for heavy oil applications. We expect the combined global footprint
Forum Energy Technologies, Inc. (NYSE:FET) ("FET") today announced that it has entered into a definitive agreement to acquire Variperm Energy Services ("Variperm") for consideration of $150 million of cash and 2 million shares of FET's common stock, reflecting a valuation of approximately 3.7x Variperm's trailing twelve months EBITDA as of September 30, 2023. The transaction is expected to close in January 2024 and is subject to customary closing conditions and Canadian regulatory approval. "We are excited to have Variperm join the FET family. Variperm is a leading manufacturer of customized downhole technology solutions, providing sand and flow control products for heavy oil applications
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its third quarter 2023 earnings conference call at 10:00 a.m. Central Time on Friday, November 3, 2023. FET will issue a press release reporting its third quarter 2023 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to the start time. A replay of the call will be available on th
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it will host its second quarter 2023 earnings conference call at 10:00 a.m. Central Time on Friday, August 4, 2023. FET will issue a press release reporting its second quarter 2023 earnings prior to the conference call. The call will be webcast through the Investor Relations link on FET's website at ir.f-e-t.com. Participants who want to ask a question during the call should register on FET's Investor Relations website page or click here to receive the dial-in numbers and a unique PIN. Participants are encouraged to join the call approximately ten minutes prior to the start time. A replay of the call will be available on th
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MISSISSAUGA, Ontario, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Bird Construction Inc. (TSX:BDT) is pleased to announce the appointment of Evelyn Angelle to its Board of Directors (the "Board"), effective immediately. Ms. Angelle will fill a vacancy on the Board, bringing the total number of directors to 10. Ms. Angelle, a private investor, philanthropist and director, joins the Board with a distinguished background in public company finance and public accounting, having held senior leadership positions at Halliburton Company after a 15-year career in the audit practice of Ernst & Young LLP. A certified public accountant in Texas and certified management accountant, Ms. Angelle's expertise will b
Forum Energy Technologies, Inc. (NYSE:FET) today announced the appointment of Ms. Leslie Beyer to its board of directors. Ms. Beyer will also serve as a member of the Nominating, Governance and Sustainability Committee. Ms. Beyer is the former Chief Executive Officer of the Energy Workforce and Technology Council (EWTC), the global energy technology and services association representing over 650,000 employees in the energy workforce. Before joining the EWTC, Ms. Beyer spent 15 years in Washington, DC serving in the U.S. Senate, U.S. State Department, and White House Executive Office of the President. Ms. Beyer has led collaborative efforts across the energy industry and received numerous
Forum Energy Technologies, Inc. (NYSE:FET) today announced that as part of the company's executive management succession planning process, its Board of Directors appointed Mr. Neal Lux as President and Chief Executive Officer, effective February 18, 2022. Mr. Lux currently serves as Executive Vice President and Chief Operating Officer. Mr. C. Christopher Gaut, the current Chairman, President and Chief Executive Officer, will become Executive Chairman at that time. The Board has also appointed Mr. Lux as a Class II director, effective February 18, 2022. Cris Gaut commented, "It has been an honor to lead FET since its inception. I was pleased to recommend Neal's appointment to the Board of D
Forum Energy Technologies, Inc. (NYSE:FET) today announced the appointment of Mr. Paul E. Rowsey III to its Board of Directors. Mr. Rowsey will also serve as a member of the Compensation Committee. In connection with Mr. Rowsey's appointment, the Board increased its size to nine directors. Mr. Rowsey is the former Executive Chairman of the Board of JLB Partners, a national developer, builder and manager of Class A multi-family assets in select markets in the United States. He previously served as Non-Executive Chairman of Valaris plc, a publicly traded offshore drilling contractor, and its predecessor, Ensco plc. Mr. Rowsey was formerly the Chief Executive Officer of Compatriot Capital, an
Forum Energy Technologies, Inc. (NYSE:FET) today announced the appointment of Dr. Emily Reichert, Ph.D. to its Board of Directors. Dr. Reichert will also serve as a member of the Nominating, Governance and Sustainability Committee. In connection with Dr. Reichert's appointment, the Board increased its size to eight directors. Dr. Reichert currently serves as Chief Executive Officer of Greentown Labs, North America's largest climate tech startup incubator. She has led the rapid growth of Greentown Labs into a global center for climate tech solutions innovation. Based in Boston, MA, Greentown Labs recently opened its second incubator hub in Houston, TX. Dr. Reichert earned her doctorate in p
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