Forum Energy Technologies

What Forum Energy Technologies does

Forum Energy Technologies, Inc. (NYSE: FET) is a Houston, Texas-based global manufacturer of engineered equipment serving the upstream oil and gas, defense, and renewable energy sectors. The company is organized around seven core product lines — Drilling Equipment, Downhole Tools, Subsea Systems, Valve Solutions, Production Equipment, Stimulation & Intervention, and Coiled Tubing — and operates 28 branded sub-products including P-Quip mud pumps, Power Slips, Hawker/Pipe Wranglers catwalks, FloorHand iron roughnecks, MUD HOG centrifugal pumps, Sub-Atlantic ROVs, Dynacon LARS, Davis-Lynch casing equipment, Variperm downhole tools, PBV valves, and VisualSoft/ICE Unity software. The portfolio rests on an extensive patent base covering technologies such as Banded Bore mud pump fluid ends, pinless catwalk height adjustment, hydraulic power slips rated up to 1,250 tons, and the PRESS pony rod sealing system.

Revenue is generated primarily through direct enterprise sales of capital equipment and aftermarket parts, supplemented by API/ISO 29001 certified repair, recertification, and field services from a global network spanning Houston, Broussard (LA), Canada, Dubai, and Aberdeen, and by licensing/manufacturing agreements (e.g., Nauticus Robotics Olympic Arm). Pricing is quote-based B2B on multi-year contracts with no publicly disclosed rate cards. Customer concentration sits across three primary verticals — oil and gas operators (the dominant share), defense/government navies (e.g., Indonesian Navy submarine rescue contract), and renewable energy developers — and the go-to-market relies on regional enterprise field sales, industry conferences, and an active investor relations program. Recent strategic moves include a record $312 million backlog entering 2026, a UK Export Finance-backed £30 million Indonesian Navy submarine rescue win, and the Nauticus autonomous subsea robotics partnership, all supporting the company's FET 2030 revenue target of $1 billion to $1.6 billion.

Name

Forum Energy Technologies

Legal name

Forum Energy Technologies, Inc.

Website

https://f-e-t.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Forum Energy Technologies (NYSE: FET) is a Houston-based global manufacturer of engineered equipment for the upstream oil and gas, defense, and renewable energy sectors, spanning drilling, subsea, downhole, valve, and production product lines, with a global service and aftermarket network.

Ownership category

akta.pro rank

Product category

Oilfield Equipment Manufacturing

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132), Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Oil & Gas Field Machinery & Equipment (3533), Special Industry Machinery (No Metalworking Machinery) (3550)

akta.pro primary industry

Production Services & Artificial Lift (ESP, Rod Lift, Gas Lift, Chemicals) (EUALABAH)

Keywords

• Oilfield equipment manufacturing
• Drilling fluid systems
• Subsea robotics
• Downhole tools
• Well intervention equipment

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Equipment and Hardware Sales: Sale of capital equipment including drilling rigs, subsea ROVs, wellhead equipment, valves, mud pumps, coiled tubing, and downhole tools. Revenue recognized upon delivery of equipment. Represents the majority of FET's ~$800M+ annual revenue.
2. Aftermarket Parts, Spare Parts, and Consumables: Replacement parts, components, and consumables for installed equipment. Includes mud pump liners, pistons, valves and seats, and spare parts for ROVs and drilling equipment. Supports recurring revenue from existing customer base.
3. Repair, Refurbishment, and Field Services: API/ISO 29001 certified repair and overhaul services, OEM recertification, and international field service for drilling equipment. Service locations in Houston, Broussard (Louisiana), Canada, Dubai, and Aberdeen.
4. Licensing and Manufacturing Agreements: Manufacturing and distribution agreements for third-party subsea technologies, such as the Nauticus Robotics Olympic Arm electric manipulator system, where FET leads commercialization and manufacturing.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Forum Energy Technologies designs, manufactures, and services engineered equipment for the global energy industry. Its portfolio spans drilling rig pipe-handling and drill-fluid systems, subsea ROVs and launch-and-recovery systems, downhole casing and sand-control tools, valves, production and stimulation equipment, and coiled tubing, supported by an API/ISO 29001-certified global repair and field service network serving oil and gas operators, government navies, and offshore renewable energy developers.

Product overview

Forum Energy Technologies (FET) is a global energy equipment manufacturer delivering integrated solutions across drilling, downhole, subsea, production, and valve technologies. The company operates a platform-plus-multiple-product-lines architecture, organized into seven core product categories: Drilling Equipment (pipe handling, drill fluid systems, bearings), Downhole Tools (casing equipment, artificial lift, sand control), Subsea Systems (ROVs, LARS, trenchers, submarine rescue), Valve Solutions, Production Equipment, Stimulation & Intervention, and Coiled Tubing. FET portfolios include 28 branded sub-products and sub-brands including P-Quip Mud Pump Systems, Hawker/_pipe Wranglers Catwalks, FloorHand Iron Roughnecks, MUD HOG Pumps, VisualSoft/ICE Unity software, Dynacon LARS, Davis-Lynch Casing Equipment, Variperm, BAKERLOK thread compounds, and Submarine Rescue Systems. Recent innovations include the Model 6000 Launch and Recovery System and partnership with Nauticus Robotics for the Olympic Arm electric manipulator system.

Differentiator

Problem solved

Functional benefit

Brands

• Sub-Atlantic: Subsea remotely operated vehicles and underwater robotics
• Dynacon
• Variperm
• Davis-Lynch
• Global Tubing
• P-Quip
• PBV
• Accuseal
• Merrimac
• CraneSafe
• Hawker
• FloorHand
• MUD HOG
• VisualSoft
• ICE Unity
• Forum Processing Technologies (FPT)
• Quality Wireline
• Multilift Solutions
• Pipe Wranglers
• Little Tripper

Products and services

• Drilling Equipment Comprehensive drilling rig equipment including pipe handling systems (rig floor equipment, hoisting equipment, catwalks, iron roughnecks, pipe spinners, cranes), drill fluid handling systems (mud pumps, valves, manifolds), bearings, and produced fluid handling equipment for oil and gas drilling operations.
• Downhole Tools High-performance downhole tools including Davis-Lynch casing equipment (stage cementing, float equipment, completion solutions), Multilift Solutions (artificial lift protection systems), and Variperm (downhole sand control, flow control, completion and workover tools).
• Subsea Systems Subsea intervention solutions including remotely operated vehicles (ROVs), trenchers, tether management systems, submarine rescue systems, Dynacon Launch and Recovery Systems (LARS), ROV tooling and components, and VisualSoft/ICE Unity software solutions for pipeline inspection and offshore wind surveys.
• Valve Solutions Rugged valves and actuators including ball valves, gate valves, globe valves, and check valves through the Accuseal, DSI, PBV, and Pro-Tech Valve brands, designed for operational safety and efficiency across severe-service applications.
• Production Equipment Engineered production solutions including ASME vessels, sand separators, gas production units, line heaters, heater treaters, gas processing and treating equipment, and Forum Processing Technologies (desalters, revamps, upgrades).
• Stimulation & Intervention Equipment Well stimulation equipment including frac pumps, treating iron, manifold trailers, coiled tubing systems, wireline and coiled tubing pressure control equipment, and hydraulic latch assemblies.
• Coiled Tubing Coiled tubing solutions including Duracoil, SMARTaper tapered strings, and engineered solutions plus coiled line pipe for offshore and onshore applications with advanced coating technology.
• P-Quip Mud Pump Systems Patented mud pump system with integrated fluid end components including high-performance rod systems, liner retention systems, valve covers, discharge strainers, and wash pipe systems for maximum longevity and performance.
• Hawker Pipe Handler / Hydraulic Catwalks Hydraulic catwalk systems combining the two-decade legacy Pipe Wranglers line with latest engineering, featuring patented pinless height adjustment for reliable, safe tubular handling on drilling rigs.
• Pipe Wranglers Hydraulic Catwalks Hydraulic catwalks including Wrangler Series (2000/3000/4000/5000/4500 models) and Mariner Series for land and offshore rigs, with step-change efficiency gains and safety improvements.
• FloorHand Iron Roughnecks Torque wrench and spinner tools including FR120 Series, FH-70, FH-80, and FH-100 models for automated pipe handling during makeup and breakout of drillpipe and drill collars.
• MUD HOG Centrifugal Pumps High-performance centrifugal pumps with superior bearing configuration, improved stability, lower vibration, stainless steel sleeve, hard iron components, and premium labyrinth seals for drilling applications.
• Power Slips Automatic drill pipe slips (PS-500, PS-750, PS-1000) with hydraulically operated clamping systems, central greasing systems, and top guide systems; load capacities up to 1,250 tons, compatible with API rotary tables, designed per API 7K standards.
• AMP Hydraulic Elevators Hydraulic double door bushing type elevators (AMP 350/1) for handling tubulars between 2 3/8 to 22 inches with 350-1500 ton load capacity and integrated load cell.
• VisualSoft Digital video and acquisition software for subsea operations providing real-time monitoring and recording capabilities for pipeline inspection and offshore wind surveys.
• ICE Unity Remote operations software for subsea applications enabling control and management of subsea equipment and ROV operations.
• Dynacon Launch and Recovery Systems (LARS) Comprehensive LARS product line including ROV winch systems, oceanographic winch systems, traction winches, A-frames, heave compensation systems, overboarding sheave systems, and electro-hydraulic power units (HPU).
• Submarine Rescue Systems Complete submarine rescue solutions including Rescue Vehicle (SRV), ELSS Pods, ELSS Nets, SRV Mating Target, and Specialty ROV Tools; supplied to the Indonesian Navy under a £30 million contract with UK Export Finance backing.
• Model 6000 (M6000) Launch and Recovery System (LARS) Subsea handling equipment solution designed for inspection and light work-class ROV operations, supporting versatility in maritime applications.
• Olympic Arm Electric Manipulator System Electric manipulator system for subsea operations based on Nauticus Robotics' autonomous robotics and ToolKITT intelligent control software; commercialized, manufactured, and distributed by FET under a 2025 Manufacturing and Sales Agreement.
• Davis-Lynch Casing Equipment Comprehensive casing equipment including Secura Stage Cementing Solutions, floating and guiding solutions (float equipment, BAKERLOK), extended reach equipment, non-rotating cement plugs, and completion solutions including PDQ wet shoe systems, HPHT equipment, and toe sleeves.
• Variperm Downhole Tools Downhole sand control, flow control, well completion and workover tools, well abandonment solutions, water well and de-watering screens, and cased hole fishing and rental equipment.
• BAKERLOK Thread Locking Compound Fast-cure thread-locking compound that replaces welding for casing joints to prevent unscrewing while drilling out cement, available in 2 oz, 8 oz, and 16 oz sizes.
• Fluid End Modules High-quality fluid end modules manufactured in the United States with patented Banded Bore technology, rated for 7,500 psi working pressure, available in two-piece, L-shape, valve-over-valve, and mono-block configurations.
• Global Repair & Field Services API/ISO 29001 certified repair and overhaul operation offering product recertification, international field service, inspections, spare parts, and mud pump packaging at locations in Houston, Broussard (LA), Canada, Dubai, and Aberdeen.

Quantifiable outcome

• Q1 2026: 8% revenue growth, 14% EBITDA growth, 44% backlog growth year over year
• +5 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Six partnerships are on record, tiered core and supporting.

• Indonesian NavycoreStrategic or Co-development Partner · 11 April 2026£30 million contract for FET to supply a submarine rescue system to the Indonesian Navy. Supported by UK Export Finance (UKEF) with £76m loan guarantee. Deals working with Indonesian partners PT BTI Indo Tekno and PT Agrapana Nugraha Katara, with financing through JP Morgan Chase Singapore and Banco Santander. York-based FET manufacturing facility.
• PT BTI Indo TeknosupportingStrategic or Co-development Partner · 11 April 2026Indonesian partner working with FET on submarine rescue vehicle export to Indonesian Navy, supported by UK Export Finance financing.
• PT Agrapana Nugraha KatarasupportingStrategic or Co-development Partner · 11 April 2026Indonesian partner working with FET on submarine rescue vehicle export to Indonesian Navy, supported by UK Export Finance financing.
• Leslie A. BeyersupportingOthers · 12 January 2026Appointed to FET board of directors effective January 2026, serving on the Compensation and Human Capital Committee and the Nominating, Governance and Sustainability Committee. Experienced energy services executive.
• Nauticus RoboticscoreTechnology or Integration · 11 December 2025Manufacturing and Sales Agreement under which FET leads commercialization, manufacturing, and distribution of Nauticus' Olympic Arm electric manipulator system for subsea operations. Combines Nauticus' autonomous robotics and intelligent control software (ToolKITT platform) with FET's global manufacturing capability and field-ready equipment reputation. Builds on successful commercial deployment of Nauticus' ToolKITT autonomy platform on a Forum ROV in the U.S. Gulf Coast in October 2025.
• Nauticus RoboticscoreTechnology or Integration · 20 October 2025ToolKITT autonomy platform successfully completed a commercial project on a Forum ROV off the U.S. Gulf Coast in mid-October 2025, demonstrating viability of the technology being commercialized through the Manufacturing and Sales Agreement.

Scale indicators19 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Baker Hughes: Large diversified oilfield services and equipment company with overlapping offerings in drilling, subsea, and production. Larger scale and broader portfolio than FET, with overlapping product lines in valves, drilling tools, and subsea systems.
• Schlumberger (SLB): Largest oilfield services company globally with extensive drilling, subsea, and production equipment offerings. Broad incumbent whose Cameron subsea and drilling product lines compete directly with several FET product categories.
• Halliburton: Major oilfield services company with drilling and production product offerings. Overlaps with FET in drilling tools and downhole equipment, though Halliburton's primary GTM is services-led rather than equipment manufacturing.
• Dover Corporation: Diversified industrial manufacturer whose Engineered Products segment includes pumps, valves, and fluid handling solutions overlapping with FET's PBV, Accuseal, and produced fluid handling product lines.

Direct peers

• Weatherford International: Global oilfield equipment and services company offering drilling, evaluation, and production solutions. Most direct peer to FET given similar product breadth across drilling equipment, downhole tools, and subsea interventions, serving the same upstream operator customers.
• National Oilwell Varco (NOV): Major manufacturer of oilfield equipment including drilling rigs, top drives, mud pumps, and downhole tools. Directly comparable to FET's drilling and downhole product lines, though at significantly larger scale and broader portfolio.
• Oceaneering International: Provider of subsea engineering, ROV operations, and intervention services. Directly comparable to FET's Sub-Atlantic ROV and Dynacon LARS product lines and serves the same offshore operator and defense customers.
• TechnipFMC: Subsea and surface engineering company providing integrated drilling, production, and subsea systems. Overlaps with FET's subsea and production equipment lines, particularly for offshore field development projects.

Emerging players

• ChampionX: Production-focused oilfield services and equipment company with artificial lift and production chemistry solutions. Comparable to FET's Multilift Solutions (ESP, rod, gas lift protection) and production equipment segments.

Regional players

• Saipem: Italy-based engineering and construction company serving offshore EPCI and subsea markets. Comparable to FET on subsea intervention and offshore projects, though primarily operates in EMEA and Mediterranean regions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCeB7gw0LkC9-c7mnYZUM0vw
• Facebookfacebook.com/322265994454347
• LinkedInlinkedin.com/company/forum-energy-technologies
• Xx.com/forumenergytech

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries8 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Forum Energy Technologies