Forum Energy Technologies Awarded Approximately $25 Million Contract to Provide Desalter Systems to Saudi Aramco

Rhea-AI Summary

Forum Energy Technologies (NYSE: FET) has secured a contract worth approximately $25 million to design and supply four electrostatic desalter systems for a project at the Safaniyah oil field in Saudi Arabia. This initiative will utilize FET's cutting-edge EDGE^TM desalting technology and ForuMix^TM high-efficiency multiphase mixer technology, backed by in-house manufacturing capabilities in Dammam, Saudi Arabia. CEO Neal Lux highlighted that this contract underscores FET's technological expertise and global collaboration, especially with Saudi Aramco.

Positive

• Awarded a $25 million contract for electrostatic desalter systems.
• Utilizing advanced EDGE^TM and ForuMix^TM technologies.
• Contract enhances partnership with Saudi Aramco.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Forum Energy Technologies, Inc. (NYSE: FET) has been awarded an approximately $25 million contract to design, engineer, and supply four electrostatic desalter systems for an onshore project at the Safaniyah oil field, Kingdom of Saudi Arabia. The desalter systems will utilize FET’s EDGE^TM desalting technology, ForuMix^TM high efficiency multiphase mixer technology, as well as in-house manufacturing capabilities at FET’s facility in Dammam, Saudi Arabia.

Neal Lux, President and Chief Executive Officer, remarked, “This award demonstrates the value FET provides through its extensive technology portfolio and global reach. Building on our technologies’ successful track record, we are pleased to be working with Saudi Aramco on another important project.”

FET is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230327005488/en/

Rob Kukla

Director Investor Relations

281.994.3763

Rob.Kukla@f-e-t.com

Source: Forum Energy Technologies, Inc.

FAQ

What recent contract did Forum Energy Technologies secure?

Forum Energy Technologies secured a $25 million contract for electrostatic desalter systems at the Safaniyah oil field in Saudi Arabia.

What technologies are being used in the new contract by FET?

The contract will use FET's EDGE^TM desalting technology and ForuMix^TM high-efficiency multiphase mixer technology.

Who is the client for FET's new project?

The client for the project is Saudi Aramco.

Where is FET manufacturing the desalter systems?

FET is manufacturing the desalter systems at their facility in Dammam, Saudi Arabia.