Forum Energy Technologies Announces Purchase of Remaining Membership Interests in Global Tubing, LLC from Joint Venture Partner Quantum Energy Partners and Management

Forum Energy Technologies, Inc. (NYSE: FET) announced today that it signed a definitive agreement to acquire the membership interests in Global Tubing from its joint venture partner Quantum Energy Partners. As part of the transaction, Forum will also acquire management’s interest in the joint venture and repay Global Tubing‘s net debt. The aggregate transaction value is approximately $237 million, including the issuance of 10 million shares of Forum common stock to Quantum, cash from Forum’s existing bank credit facility and cash on hand. Located in Dayton, Texas, Global Tubing provides coiled tubing, coiled line pipe and related services to customers worldwide. Completion of the transaction is subject to regulatory approvals and other customary closing conditions. It is anticipated that the closing of the transaction will occur in the third quarter 2017.

Cris Gaut, Forum’s Executive Chairman of the Board, commented, “The acquisition of the remaining Global Tubing interests will have significant benefits for Forum’s current shareholders, including Global Tubing's strong free cash flow and high operating margins. In 2014, Global Tubing had EBITDA of approximately $60 million. We believe that with the additional products Global Tubing now offers, and based on the current outlook, the 2014 run rate can be achieved during 2018. We expect the acquisition to be more than 25% EPS accretive in 2018, based on current analyst consensus estimates. Although the acquisition of Quantum's interest in Global Tubing will bring an end to our successful joint venture, we are very pleased that Quantum will continue to partner with Forum in a new way, as a major, direct shareholder in the company. We appreciate Quantum's confidence in Forum and our strategy.”

Prady Iyyanki, Forum’s President and Chief Executive Officer, commented, “I want to commend Global Tubing’s management team on its strong performance throughout the downturn and its new product development efforts, which have successfully positioned the company for further growth. With the consolidation of Global Tubing, and following our recent acquisition of Multilift, Forum’s Completions segment will be our largest business and core to our future growth plans. We welcome Global Tubing’s employees to Forum.”

Bill Montgomery and Dheeraj Verma, Partners at Quantum, commented, “We are pleased to have partnered with Forum and the management of Global Tubing for the past four years on our highly successful joint venture. We now look forward to our new role as a large shareholder of Forum. We believe that Forum’s leading product base and high quality management team offer a compelling investment opportunity with strong future growth potential.”

Neal Lux, Global Tubing’s President, commented, “During the joint venture, Global Tubing has extended its leading market position with product innovation, engineered solutions and outstanding customer service. Our team is excited about the future with Forum and thanks Quantum for their support.”

About Forum Energy Technologies

Forum Energy Technologies is a global oilfield products company, serving the drilling, subsea, completions, production and infrastructure sectors of the oil and natural gas industry. The Company's products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe. For more information, please visit www.f-e-t.com.

About Quantum Energy Partners

Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $13 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com. For investor relations, please contact Michael Dalton at (713) 452-2000.

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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements.

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