Forum Energy – FET – To acquire Wireline Solutions
NYSE:FET) announced that it has entered into a definitive agreement to acquire Wireline Solutions, LLC (Wireline Solutions). Located in Sanger, TX, 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. The closing of the acquisition, which is subject to customary closing conditions, is expected to occur on or about November 1, 2012.
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.
About Forum – FET
Forum Energy Technologies, Inc. (FET), 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.
FET is an oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company designs and manufactures products, and engage in aftermarket services, parts supply and related services that complement its product offering. It operates in two segments: Drilling and Subsea Segment and Production and Infrastructure Segment. In February 2011, it acquired Wood Flowline Products, LLC (WFP). In April 2011, it acquired Phoinix Global LLC (Phoinix). In May 2011, it completed the Specialist ROV Tooling Services, Ltd. (Specialist Acquisition). In July 2011, it acquired SVP Products (SVP), Cannon Services Ltd. (Cannon), Davis-Lynch LLC (Davis-Lynch), P-Quip Ltd, and AMC Global Group, Ltd. (AMC).
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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