FORT WORTH, TEXAS – May 18, 2012 – FTS International (FTSI) announced today 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.
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.”
FTS International™ (www.ftsi.com) is a leading provider of well stimulation services for the oil and gas industry. Exploration and production companies use FTSI’s products and services primarily to enhance their recovery rates from oil and gas wells. FTSI’s vertical integration provides a competitive edge, as the company custom manufactures, assembles and produces many key components used in its operations, including high-pressure hydraulic pumps and mobile pressure pumping units. FTSI also owns and operates sand mines and processing facilities for producing proppants.
Summit Technologies Company Ltd. (www.summitme.com), based in Al-Khobar, Saudi Arabia, is an experienced provider of goods and services to the KSA’s upstream oil and gas industry. Summit and its joint venture companies provide an array of upstream products and services to customers within the KSA and the broader GCC region, including focusing on both onshore and offshore opportunities. Summit is part of a larger, global consortium, the Selected Group, with offices in the UAE.
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