Frank’s International Announces Distribution of Restricted Common Shares Held by FWW B.V. to Mosing Family Members
HOUSTON, Nov. 02, 2015 (GLOBE NEWSWIRE) -- Frank’s International N.V. (NYSE:FI) (the “Company”) today announced that FWW B.V., the Company’s largest shareholder, has distributed 119,024,000 restricted common shares of the Company to the twelve Mosing family beneficial owners based on their pro-rata ownership.
Gary Luquette, Frank’s International’s President and Chief Executive Officer commented, “The governing documents of the holding company provided the framework to allow the Mosing family members to ultimately take direct ownership of their shares in the Company. Today’s announcement of the distribution of shares accomplishes this end. We have not been informed of any time-table for the Mosing family to change their ownership position in the Company, nor are we aware that the family has a target level of total ownership in the Company. We plan to work closely with the Mosing family if and when the time comes to change the level of family ownership in an effort to ensure a smooth and orderly transaction in the marketplace.”
The members of the Mosing family are party to a registration rights agreement with the Company, which entitles them to, among other things, a shelf registration statement that would provide for resales of the shares of common stock they hold.
The securities held by the members of the Mosing family have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above.
About Frank’s International
Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular services to leading exploration and production companies in both offshore and onshore environments, with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has over 4,000 employees and provides services in approximately 60 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com.
Blake Holcomb, Director – Investor Relations
Caroline Mansur – Interim Director, Communications and External Affairs
(November 2, 2015 - 9:01 AM EST)
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