Houston, TX, November 2012 – SCF Partners’ largest portfolio company, Forum Energy Technologies (NYSE: FET), recently announced its acquisition of Wireline Solutions, headquartered in Sanger, Texas. Wireline Solutions is a manufacturer of high quality downhole completion tools, including composite plugs used for plug, perforate and fracture applications and wireline flow control products used in the oil and gas industry. The company markets its composite plugs under the name of ProDrill.
Cris Gaut, Forum’s Chairman and Chief Executive Officer, commented, “Wireline Solutions is a welcome addition to our existing Downhole Technologies product line. The company’s activity‐based consumable products are levered to the completions market, particularly to horizontal well activity with its trend towards longer laterals and more frac stages. We plan to invest to expand Wireline Solutions’ line of composite plugs and other completion tools and we see significant opportunity to increase the market share for these products by marketing them through our existing sales channels. We welcome Wireline Solutions’ employees to Forum and will continue the company’s legacy of providing high quality products begun by Louis Chenault and Glen Holcomb.”
About Wireline Solutions
Founded in 2005, Wireline Solutions is a leading provider of high quality downhole completion tools used in the oil and gas industry. Its field‐proven tools are used to provide cost saving solutions to an increasingly complex completion process.
Forum Energy Technologies, Inc., headquartered in Houston, TX, is a global provider of manufactured technologies and applied products to the energy industry. FET’s over 3,200 employees provide the products and technologies essential to solving the increasingly complex challenges of the energy industry. For more information, please visit www.f‐e‐t.com.
Forum Energy Technologies (the “Company”), from time to time, provides estimates of financial and other data, comments on expectations relating to future periods and makes statements of opinion, view or belief about current and future events. Statements relating to future events and performance are “forward‐looking statements.” Forward‐looking statements are generally accompanied by words such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “potential,” “could,” “may,” “foresee,” “plan,” “goal” or other words that convey the uncertainty of future events or outcomes. Forward‐looking statements are not guarantees of performance. The Company has based these forward‐looking statements on its current expectations and assumptions about future events. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate under the circumstances. Actual results may differ materially from those implied or expressed by the forward‐looking statements. These forward‐looking statements speak only as of the date of this press release, or if earlier, as of the date they were made. By issuing estimates or making statements based on current expectations, opinions, views or beliefs, the Company has no obligation, and is not undertaking any obligation, to update such estimates or statements or to provide any other information relating to such estimates or statements. The Company faces a variety of risks that could cause actual results to differ materially from those that may be set forth in the forward‐looking statements made by the Company. We caution you not to place undue reliance on any forward‐looking statements.
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Vice President, SCF Partners
For further information about Forum, contact:
Director of Marketing, Forum Energy Technologies