Five-way merger sees new energy company formedCompany News // August 26, 2010
The closing of a merger between five separate companies - Forum Oilfield Technologies, Triton Group, Subsea Services International, Global Flow Technologies, and Allied Technology - has resulted in the formation of a new company, to be known as Forum Oilfield Technologies (FET).
Houston-based FET describes itself as a "global provider of manufactured and applied products to the global energy industry with approximately US$700 million in annual revenues and about 2,000 employees worldwide."
FET will serve the drilling, production, and infrastructure segments of the energy industry. Among the products manufactured by FET are drilling equipment and spare parts, valves and flow control equipment, ROVs, surface production process equipment
such as separators and pressure vessels, and pipeline equipment and applications.
SCF Partners (SCF), an established provider of growth capital to the energy services and equipment sector, and already a majority owner of all five companies, has committed US$100 million of new equity capital to support strategic growth initiatives in connection with the formation of FET.
A group of eight major banks is providing a new US$450 million revolving credit facility, with an additional US$150 million 'accordion' feature, to provide significant growth capital to FET.
Cris Gaut, managing director at SCF Partners, joins FET as Chief Executive Officer and Chairman.