fet-20221129
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 29, 2022
FORUM ENERGY TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-35504
61-1488595
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
10344 Sam Houston Park Drive Suite 300HoustonTX77064
                                           (Address of Principal Executive Offices)(Zip Code)
(Address of principal executive offices and zip code)
281949-2500
Registrant's telephone number, including area code

(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
FET
NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




Item 8.01. Other Events.
On November 29, 2022, a subsidiary of Forum Energy Technologies, Inc. (the “Company”) consummated the sale of four manufacturing and distribution centers located in Texas and Louisiana. In connection with the sale, the subsidiary entered into a long-term lease agreement with the buyer on an absolute triple net lease basis. The subsidiary is responsible for all costs and expenses related to the operation, use, occupancy and management of the leased premises. Such lease obligations of the subsidiary are guaranteed by the Company. The net proceeds to the Company from the transaction totaled approximately $32 million.
Item 7.01. Regulation FD Disclosure.
On November 29, 2022, the Company issued a press release announcing the closing of the sale and leaseback transaction disclosed in Item 8.01. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Exhibit Title or Description
 
Press Release dated November 29, 2022.
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 30, 2022
FORUM ENERGY TECHNOLOGIES, INC.

/s/ John C. Ivascu
John C. Ivascu
Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary






Document

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FOR IMMEDIATE RELEASE
Forum Energy Technologies Closes Sale-Leaseback Transaction
Generates approximately $32 million in net proceeds
Presents meaningful deleveraging opportunity
Houston, Texas, November 30, 2022 – Forum Energy Technologies, Inc. (NYSE: FET) announced today that it has closed a sale of four manufacturing and distribution centers located in Texas and Louisiana. The properties will remain an integral part of FET’s operations strategy going forward. In connection with the sale, the Company entered into a long-term lease agreement. The net sales proceeds from the transaction totaled approximately $32 million.
Neal Lux, President and Chief Executive Officer, remarked, “This transaction generates value for our stakeholders at an EBITDA multiple over ten times future annual lease payments. These sale proceeds and our projected second half 2022 free cash flow represent a $60 to $70 million net debt reduction since June 30, 2022. Our capital light business model provides significant flexibility to use the sale proceeds and free cash flow generated to improve our balance sheet and fund growth opportunities.”
FET is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.
Company Contact
Rob Kukla
Director Investor Relations
281.994.3763
Rob.Kukla@f-e-t.com