June 11, 2018 - 4:39 PM EDT
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Forum Energy Technologies Awarded Contract for Submarine Rescue Vehicle and Remotely Operated Vehicle

HOUSTON

Forum Energy Technologies, Inc. (NYSE: FET) announced today that it received an order from Submarine Manufacturing and Products, Ltd. (SMP) to supply a submarine rescue vehicle (SRV), a work-class remotely operated vehicle (ROV), and associated launch and recovery systems. The ROV and SRV will be delivered in 2019 and 2020, respectively, and integrated by SMP with additional equipment for delivery to a navy in the Far East.

The SRV, an onboard piloted rescue submarine, is similar to Perry’s proven design of rescue vessels, and will incorporate the most current subsea vehicle technologies. The SRV will be capable of operating in depths greater than 500 meters, carrying a maximum of 19 people, and will be fully integrated with a hyperbaric rescue facility supplied by SMP. The SRV and ROV will be designed and manufactured at Forum’s facility in Kirkbymoorside, United Kingdom.

The Perry XLX-C series ROV, will be used to support the SRV in its operations by assessing and preparing a site for a submersible rescue. The XLX-C will be fitted with Forum’s latest technology and will be capable of delivering specialized equipment, including an Emergency Life Support System, to a distressed submarine. A simulator, with a number of scenarios, will be supplied as a training aid for the ROV pilots.

“The choice of Forum’s Perry vehicles validates that our subsea technological capabilities are applicable to a wide range of uses outside of our traditional oil and gas arena,” said Prady Iyyanki, Forum’s Chief Executive Officer. “Our Subsea team has done a great job diversifying into other applications. This is the largest multi-year Subsea order we have received since our 2012 IPO and the first of the global non-oil and gas project awards we hope to obtain this year.”

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 manufactures products that are consumed in the drilling, well completion, production and transportation of oil and natural gas as well as highly engineered capital equipment. 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.

Forum Energy Technologies, Inc.
Mark Traylor, 281.368.1108
Vice President, Investor Relations
[email protected]


Source: Business Wire (June 11, 2018 - 4:39 PM EDT)

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