Global Tubing’s Evolution of DURACOIL

FOR IMMEDIATE RELEASE

March 27, 2019 (HOUSTON) – On March 16, 2017, Global Tubing, LLC, the industry leader in coiled tubing products and services, launched DURACOIL 110. Two years later and after the continued success of DURACOIL, Global Tubing is now launching the next evolution, DURACOIL 130.  Specifically designed for higher pressure environments, DURACOIL 130 further improves fatigue life, running footage, and resistance to abrasion minimizing downtime and expanding operational thresholds.

Global Tubing continues to utilize its patent pending, Halo Induction Technology™, to further evolve the capabilities of its quench and tempered product, DURACOIL.  With the launch of DURACOIL 130, we are excited to provide our customers with a product built for the most demanding coiled tubing environments while maintaining the reliability they are used to with the DURACOIL portfolio.

About Global Tubing

Global Tubing is a worldwide provider of coiled tubing products and related services for the oil and gas industry. Based in Dayton, Texas, Global Tubing offers advanced, state-of-the-art technology and unsurpassed customer service provided by the best, most experienced team in the industry. The Company also offers the broadest range of coiled tubing ODs and wall thicknesses currently available. Global Tubing is owned by Forum Energy Technologies (FET), headquartered in Houston, Texas. For more information visit, https://www.global-tubing.com

ICoTA Coiled Tubing & Well Intervention Conference 2018

The Intervention & Coiled Tubing Association (ICoTA) is a not-for-profit, member-funded organization with the primary objective of improving communication and promotion of technical awareness within the well intervention industry. Membership comprises individuals from all sectors of the coiled tubing industry including service users, service providers, tubing, and equipment manufacturers.

Every year, ICoTA partners with The Society of Petroleum Engineers (SPE) to host the Coiled Tubing & Well Intervention Conference & Exhibition.  The conference and exhibition feature top-notch technical sessions, informative speakers, knowledge sharing ePoster presentations, special events, and training courses. This year the event returned to The Woodlands, Texas.

Global Tubing has a significant presence at this event every year to showcase our latest coiled tubing products and services. We were thrilled to have the opportunity to talk about how DURACOIL, our latest revolutionary, technological-advanced coiled tubing product, has conquered the toughest wells in the world.

“This year’s ICoTA event was not the busiest we’ve experienced, but it was certainly a rebound from the last two years,” said Alex Sheehan, Vice President – Sales Operations of Global Tubing. “We were thrilled to find the biggest interest was around the field success of DURACOIL. Service companies are seeing significantly more useful life from their tubing.”

The overall sentiment of the show was great and a huge success. Below are some images from the show.

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Click here for more information on DURACOIL. For more information on ICoTA, please visit their website at https://www.icota.com/.

We hope to see you at next year’s show!

Global Tubing Expands Sales Team in EMEA with New Hire

FOR IMMEDIATE RELEASE

MARCH 7, 2018 (HOUSTON) – Global Tubing, LLC, the industry leader in coiled tubing products and services, announces the addition of Alexis Houdusse, sales representative EMEA for Coiled Line Pipe. In his new role, Houdusse will be responsible for promoting Global Tubing’s products and providing operators with cost-effective alternatives to conventional line pipe in onshore and subsea applications.

“We are so pleased to have Alexis join the Global Tubing family,” said Neal Lux, President of Global Tubing. “Alexis’ robust professional expertise coupled with his overall industry knowledge will help our coiled tubing operations continue to expand into additional markets and opportunities.”

Most recently Houdusse served as a global strategic account manager for a leading provider of products and associated services for reservoir management and production optimization in the upstream oil and gas industry.

Houdusse offices in Lyon, France and can be reached at ahoudusse@global-tubing.com.

About Global Tubing

Global Tubing is a worldwide provider of coiled tubing products and related services for the oil and gas industry. Based in Dayton, Texas, Global Tubing offers advanced, state-of-the-art technology and unsurpassed customer service provided by the best, most experienced team in the industry. The Company also offers the broadest range of coiled tubing diameters and wall thicknesses currently available. For more information visit, http://www.global-tubing.com.

Global Tubing Picks Generation Park for Global HQ

Global Tubing will move its headquarters to Generation Park, a project of McCord Development in northeast Houston.

The company, which will keep its manufacturing facility in Dayton, has leased 6,355 square feet at 250 Assay Street. Owned by Houston-based Forum Energy Technologies, Global Tubing provides coiled tubing products and related services for the oil and gas industry.

“The move to the Lake Houston region will give Global Tubing employees access to Generation Park’s lifestyle district Redemption Square, great schools, new and established master-planned neighborhoods and an abundance of outdoor recreational activities,” McCord Development president Ryan McCord said in an announcement.

Global Tubing will join McCord Development and Apache Industrial Services at 250 Assay during the first quarter. The 5-story, mixed-use 250 Assay building has 11,316 square feet of office space and 10,402 square feet of retail space available for lease.

Read the full story here on Chron.com.

Argentina Ripe for Technology Transfer

Irma Galvan, Global Tubing’s Director of Engineered Solutions, discusses how operators have shifted to apply horizontal drilling technologies and techniques to maximize ROI and achieve extended reach capabilities with fit-for-purpose coiled tubing string designs in the September issue of E&P Magazine. Click here to read the article.

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Forum Energy Technologies Announces Purchase of Remaining Membership Interests in Global Tubing, LLC from Joint Venture Partner Quantum Energy Partners and Management

HOUSTON–(BUSINESS WIRE)–Aug. 28, 2017– Forum Energy Technologies, Inc. (NYSE: FET) announced today that it 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 to customers worldwide. Completion of the transaction is subject to regulatory approvals and other customary closing conditions. 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.”

Prady Iyyanki, Forum’s President and Chief Executive Officer, commented, “I want to commend Global Tubing’s management team on its strong performance throughout the downturn and its new product development efforts, which have successfully positioned the company for further growth. With the consolidation of Global Tubing, and following our recent acquisition of Multilift, Forum’s Completions segment will be our largest business and core to our future growth plans. We welcome Global Tubing’s employees to Forum.”

Bill Montgomery and Dheeraj Verma, Partners at Quantum, commented, “We are pleased to have partnered with Forum and the management of Global Tubing for the past four years on our highly successful joint venture. We now look forward to our new role as a large shareholder of Forum. We believe that Forum’s leading product base and high quality management team offer a compelling investment opportunity with strong future growth potential.”

Neal Lux, Global Tubing’s President, commented, “During the joint venture, Global Tubing has extended its leading market position with product innovation, engineered solutions and outstanding customer service. Our team is excited about the future with Forum and thanks Quantum for their support.”

About Forum Energy Technologies

Forum Energy Technologies is a global oilfield products company, serving the drilling, subsea, completions, 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.

About Quantum Energy Partners

Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $13 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.

Forward Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements.

These statements are based on certain assumptions made by the company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company’s ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and gas industry, governmental regulation and taxation of the oil and natural gas industry, the company’s ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company’s business, and other important factors that could cause actual results to differ materially from those projected as described in the company’s filings with the Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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

Click here to view the press release on the Forum website.

Global Tubing Launches New Coiled Tubing Product

FOR IMMEDIATE RELEASE

MARCH 16, 2017 (HOUSTON) – Global Tubing, LLC, the industry leader in coiled tubing products and services, launches DURACOIL, a revolutionary coiled tubing product. DURACOIL’s improved tubing fatigue life, predictability and resistance to abrasion minimizes downtime due to pipe failures. It is also less susceptible to preferential corrosion and Microbial Induced Corrosion (MIC) than conventional coiled tubing.

“Global Tubing is leading the coiled tubing industry by introducing the most advanced product to the market,” said Neal Lux, President of Global Tubing. “Coiled tubing operations are increasing in complexity, and DURACOIL is the optimal solution for challenging completions, complicated interventions and well services in harsh downhole environments.”

Global Tubing utilizes its patent-pending process, Halo Induction Technology™, to manufacture DURACOIL, quench and tempered coiled tubing. Other products utilize a two-step manufacturing process that requires additional handling during manufacture which can damage the tubing and produce an unpredictable final product. Halo Induction Technology is an in-line production process that prevents such damage while providing superior consistency and manufacturing reliability.

Global Tubing is confident that DURACOIL will provide improved efficiency, safety and durability in the field for coiled tubing operations worldwide. The development and introduction of this engineered product represent the most significant advance in coiled tubing technology in the last 30 years.

About Global Tubing
Global Tubing is a worldwide provider of coiled tubing products and related services for the oil and gas industry. Based in Dayton, Texas, Global Tubing offers advanced, state-of-the-art technology and unsurpassed customer service provided by the best, most experienced team in the industry. The Company also offers the broadest range of coiled tubing diameters and wall thicknesses currently available. For more information visit, http://www.global-tubing.com.

Global Tubing Opens New Service Center Near Montney Shale in June

FOR IMMEDIATE RELEASE

FEBRUARY 8, 2017 (HOUSTON) – Global Tubing, LLC, the industry leader in coiled tubing products and services, announces the opening of a new service center in Grande Prairie, Alberta, Canada in June. The new center is strategically located near the Montney, Duvernay, and Cardium Shale basins. Among these, the Montney is considered one of North America’s top emerging plays and holds approximately half of Canada’s natural gas reserves.

The new service center will provide a comprehensive range of services such as spooling, welding and inspection services, increased storage space for customer equipment, and will offer a 70 ton mobile gantry crane.

“The addition of the Grande Prairie Service Center to our existing Canadian footprint substantially improves our ability to meet our customers’ needs where they are operating,” said Brad McCartney, Vice President – Canadian Operations. “This expansion further demonstrates our commitment to customers with our industry-leading coiled tubing products and services.”

About Global Tubing
Global Tubing is a worldwide provider of coiled tubing products and related services for the oil and gas industry. Based in Dayton, Texas, Global Tubing offers advanced, state-ofthe-art technology and unsurpassed customer service provided by the best, most experienced team in the industry. The Company also offers the broadest range of coiled tubing ODs and wall thicknesses currently available. Global Tubing’s majority shareholders are Forum Energy Technologies (FET) and Quantum Energy Partners, both headquartered in Houston, Texas. For more information visit, http://www.global-tubing.com.