HOUSTON--(BUSINESS WIRE)--Apr. 28, 2016--
Forum Energy Technologies, Inc. (NYSE:FET) announced today that it has
acquired the wholesale completion packer business of Team Oil Tools,
Inc. The business designs, manufactures and sells a wide variety of
completion and service tools, including retrievable and permanent
packers, bridge plugs, and accessories to oilfield service providers,
packer repair companies and distributors on a global basis.
Team Oil Tools will continue to operate its completion technology and
service business across North America. This includes providing packer
and service tools to E&P customers through its service center
infrastructure. Forum has agreed to supply Team with certain of its
completion and service tool requirements.
Cris Gaut, Forum’s Chairman and Chief Executive Officer, commented,
“This acquisition is another step forward in our strategy to expand our
completion products offering, which already includes our Cannon Services
protection systems, Davis-Lynch cementing and casing accessories, and
ProDRILL composite plugs.”
Adam Anderson, Team Oil Tools’ Chief Executive Officer, commented, “This
is an exciting transaction that will enable our company to focus on our
core strengths of developing innovative new completion technology that
we deliver through our customer focused service centers. We remain
committed to providing our E&P customers best in class service in the
packer and service tool business.”
Forum Energy Technologies is a global oilfield products company,
serving the subsea, drilling, completion, production and infrastructure
sectors of the oil and natural gas industry. The Company’s products
include highly engineered capital equipment as well as products that are
consumed in the drilling, well construction, production and
transportation of oil and natural gas. Forum is headquartered
in Houston, TX with manufacturing and distribution facilities
strategically located around the globe. For more information, please
visit www.f-e-t.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160428007083/en/
Source: Forum Energy Technologies, Inc.
Forum Energy Technologies, Inc.
Investor Contact:
Mark
Traylor, 281-368-1108
Vice President, Investor Relations
mark.traylor@f-e-t.com
or
Media
Contact:
Donna Smith, 281-949-2514
Director, Marketing &
Communications
donna.smith@f-e-t.com
