FORUM ENERGY TECHNOLOGIES Business Summary

Forum Energy Technologies, Inc. (FET) operates an asset-light manufacturing and distribution model, generating revenue through the transaction-based sale of high-specification capital equipment and consumable products. The company’s operations are divided into two primary segments: Drilling and Completions, which accounts for approximately 60% of revenue and provides subsea ROVs, coiled tubing, and well stimulation tools; and Artificial Lift and Downhole, contributing roughly 40% through well construction, production infrastructure, and artificial lift systems. FET differentiates itself by focusing on high-margin, niche categories such as subsea technology and specialty downhole tools, strategically pivoting toward international and offshore markets to offset flat domestic rig activity. Its primary direct competitors include NOV Inc., Oil States International, Oceaneering International, and TechnipFMC, with FET positioning itself as a specialized technology provider rather than a broad-scale integrated service giant. FET was formed in 2010 through the strategic merger of five companies—including Forum Oilfield Technologies and Triton Group—backed by the energy-focused private equity firm SCF Partners, founded by L.E. Simmons. The leadership team is led by President and CEO Neal Lux, a Purdue-educated industrial engineer who has held various operational leadership roles within the company since 2009. He is supported by Executive Vice President and CFO D. Lyle Williams Jr., who brought extensive financial and operational pedigree from Cameron International and Schlumberger, and John C. Ivascu, EVP and General Counsel, a former Vinson & Elkins attorney and SEC enforcement official. The company’s board was recently strengthened by the January 2026 appointment of Leslie A. Beyer, former CEO of the Energy Workforce & Technology Council, while institutional backing remains robust with significant positions held by State Street Corp and Millennium Management.