Forum Energy Technologies, Inc. (Forum) is pleased to announce the signing of an exclusive five-year supply agreement with Canyon Offshore (Canyon). Under the agreement, Forum will be the exclusive provider to Canyon of work-class ROVs and Trenchers. This agreement was initiated with the award of two Perry XLX-200 work-class ROV systems, scheduled for delivery in the second quarter of 2012 and immediate mobilization onboard Canyonís newest vessel, the Grand Canyon.
Under the agreement, Canyon, a member of the Helix Energy Solutions Group, expects to benefit from recent and future technical advances made in Forumís work-class ROVs. Forum expects to work closely with Canyon to provide the remote technology necessary to improve Canyonís deep-water operations and reduce risk.