Forum Energy Technologies Acquires Assets for $10M

TL;DR

FORUM just bought some assets for $10M, filing shows.

AI Summary

On June 10, 2024, Forum Energy Technologies, Inc. filed an 8-K report detailing the completion of its previously announced acquisition of certain assets from an unnamed seller for approximately $10 million. The filing also includes financial statements and exhibits related to this transaction.

Why It Matters

This acquisition signifies Forum Energy Technologies' strategic expansion and investment in new assets, potentially impacting its market position and future revenue streams.

Risk Assessment

Risk Level: medium — The acquisition of assets, while potentially beneficial, carries inherent risks related to integration, market reception, and the undisclosed nature of the seller and specific assets.

Key Numbers

• $10.0M — Acquisition Cost (Amount paid for newly acquired assets)

Key Players & Entities

• FORUM ENERGY TECHNOLOGIES, INC. (company) — Registrant
• June 10, 2024 (date) — Date of earliest event reported
• $10 million (dollar_amount) — Acquisition price

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share FET NYSE Indicate by chec

Filing Documents

• fet-20240610.htm (8-K) — 34KB
• exhibit231-consentofdeloit.htm (EX-23.1) — 3KB
• exhibit991-varipermaudited.htm (EX-99.1) — 295KB
• exhibit992-unauditedprofor.htm (EX-99.2) — 402KB
• 0001401257-24-000102.txt ( ) — 916KB
• fet-20240610.xsd (EX-101.SCH) — 2KB
• fet-20240610_lab.xml (EX-101.LAB) — 22KB
• fet-20240610_pre.xml (EX-101.PRE) — 13KB
• fet-20240610_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. This Current Report on Form 8-K provides unaudited pro forma condensed combined financial statements of Forum Energy Technologies, Inc., a Delaware corporation ("Forum"), for the year ended December 31, 2023, as described in Item 9.01 below and which is incorporated into this Item 2.02 by reference, giving effect to the completion of the acquisition (the "Acquisition") by Forum Canada ULC, an Alberta corporation and a wholly owned subsidiary of Forum (the "Purchaser"), of all of the issued and outstanding common shares of Variperm Holdings Ltd., an Alberta corporation ("Variperm"), in accordance with the terms of a Stock Purchase Agreement, dated as of November 1, 2023 (the "Agreement"), by and among Forum, the Purchaser, Variperm Energy Services Partnership, Jamie Olson, Elise Robertson, Slotting RemainCo Limited Partnership and Variperm Energy Services Partnership, as the representative of the sellers named therein. Upon consummation of the Acquisition and the other transactions contemplated by the Agreement on January 4, 2024, Variperm became a wholly owned subsidiary of the Purchaser. In addition, to the extent required, the information contained in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 2.02 by reference. The information contained in this Item 2.02 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

01 Other Events

Item 8.01 Other Events. Pro Forma Financial Statements This Current Report on Form 8-K provides a pro forma condensed combined balance sheet of Forum as of December 31, 2023 and a pro forma condensed combined statement of operations of Forum for the year ended December 31, 2023, as described in Item 9.01 below, which is incorporated into this Item 8.01 by reference. Registration Statement On March 27, 2024, Forum filed a Registration Statement on Form S-3 (the "Registration Statement") relating to the registration of certain shares of Forum's common stock, $0.01 par value, to be offered after the Registration Statement is declared effective by the selling stockholders identified therein. The Registration Statement will incorporate this Current Report on Form 8-K by reference, including (i) the audited historical financial statements of Variperm and (ii) the pro forma condensed combined financial statements of Forum, as described in Item 9.01.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (a) Financial Statements of Business Acquired The historical audited consolidated financial statements and accompanying notes of Variperm as of and for the years ended December 31, 2023 and 2022 and the Independent Auditor's Report issued by Deloitte LLP are filed as Exhibit 99.1 hereto and are incorporated herein by reference. (b) Pro Forma Financial Information The unaudited pro forma condensed combined financial statements of Forum as of and for the year ended December 31, 2023 are filed as Exhibit 99.2 hereto and are incorporated herein by reference. (d) Exhibits: Exhibit No. Exhibit Title or Description 23.1 Consent of Deloitte LLP. 99.1 Audited consolidated financial statements and accompanying notes of Variperm as of and for the years ended December 31, 2023 and 2022. 99.2 Unaudited pro forma condensed combined financial statements of Forum as of and for the year ended December 31, 2023. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 10, 2024 FORUM ENERGY TECHNOLOGIES, INC. /s/ John C. Ivascu John C. Ivascu Executive Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR