Forum Energy Technologies, Inc. IPO Info
Forum Energy Technologies, Inc.
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Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The company designs and manufacture products, and engage in aftermarket services, parts supply and related services that complement our product offering. Their product offering and related services include a mix of highly engineered capital products and frequently replaced items that are consumed in the exploration and development of oil and natural gas reserves. In 2011, approximately 40% of their pro forma revenue was derived from the sale of capital products, while approximately 53% was derived from consumable products, spare parts or aftermarket services, with the balance of the revenue coming from rental or other sources.
The company posted net sales of $1.1 billion in 2011, up from $747 million in 2010 and $677 million in 2009. The company posted pro forma net income of $119 million in 2011, up from GAAP net income of $24 million in 2010.