Forum Takes Over Global Tubing, Gets Quantum as Major Shareholder

Forum Energy Technologies has signed a definitive agreement to acquire the membership interests in Global Tubing from its joint venture partner Quantum Energy Partners.

As part of the transaction, Forum will also acquire management’s interest in the joint venture and repay Global Tubing‘s net debt.

The aggregate transaction value is approximately $237 million, including the issuance of 10 million shares of Forum common stock to Quantum, cash from Forum’s existing bank credit facility and cash on hand.

Located in Dayton, Texas, Global Tubing provides coiled tubing, coiled line pipe and related services. It is anticipated that the closing of the transaction will occur in the third quarter 2017.

Cris Gaut, Forum’s Executive Chairman of the Board, commented, “The acquisition of the remaining Global Tubing interests will have significant benefits for Forum’s current shareholders, including Global Tubing’s strong free cash flow and high operating margins. In 2014, Global Tubing had EBITDA of approximately $60 million. We believe that with the additional products Global Tubing now offers, and based on the current outlook, the 2014 run rate can be achieved during 2018. We expect the acquisition to be more than 25% EPS accretive in 2018, based on current analyst consensus estimates. Although the acquisition of Quantum’s interest in Global Tubing will bring an end to our successful joint venture, we are very pleased that Quantum will continue to partner with Forum in a new way, as a major, direct shareholder in the company. We appreciate Quantum’s confidence in Forum and our strategy.”

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6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

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