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FTS International Announces First International JV

Source: 5/18/2012, Location: Middle East

FTS International (FTSI) announced that it has signed an agreement for its first international joint venture, partnering with Summit Technologies Company Ltd. (Summit), through Summit’s affiliate, Selected Arabia Ltd.

FTSI and Summit will form a joint venture Saudi Arabian company called FTS Arabia Ltd. FTS Arabia will provide well completion products and services for onshore conventional and unconventional oil and gas wells in the Kingdom of Saudi Arabia (KSA) and Oman. These services will be provided in a similar fashion to FTSI’s vertically integrated business model in the United States, involving the manufacturing, assembly and servicing of well completion equipment, such as high-pressure hydraulic pumps and mobile pressure pumping units. Other products and services FTS Arabia may provide include the mining, production, sourcing and marketing of raw materials such as proppants and specialized well completion additives.

FTS Arabia will also provide transportation, research and development, and laboratory services in connection with its well completion services. Where feasible, FTS Arabia will seek to source manufacturing, production and other elements of its business locally.

Management Comments
FTSI Chief Executive Officer Marc Rowland commented, “We are excited to make our first venture into the international marketplace for oil and gas services with such an esteemed partner. Summit has operated in the KSA and the Gulf region for two decades, partnering with other companies to expand their businesses in the region. Summit’s knowledge and experience in the region, partnered with FTSI’s technical expertise and experience in the oilfield services business, our vertical integration, quality manufacturing operations, and extensive supply chain network, will make this a very successful venture for both entities.”

Summit Chief Executive Officer Greg Gray commented, “Summit’s mission is to align with best-in-class organizations such as FTSI who are interested in expanding into the KSA and the broader Gulf Region. We feel that FTSI has the flexibility, expertise and resources to provide products and services that will meet our clients’ needs in the KSA and Oman, and to help maximize critical natural resources. We look forward to a very successful partnership.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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