Forum Energy Tech Acquires Moffat 2000 Ltd; Cuts Q2 EPS View - Quick Facts

(RTTNews) - Forum Energy Technologies Inc. (FET) announced that it acquired Moffat 2000 Ltd., a manufacturer of subsea pipeline inspection gauge launching and receiving systems, and subsea connectors. Moffat is based in Newcastle, England.

On July 1, 2013, Forum also closed the previously announced acquisition of Blohm + Voss Oil Tools, and the joint purchase of Global Tubing in partnership with Quantum Energy Partners. The current annualized aggregate operating income contribution to Forum of the three acquisitions is about $32 million.

In a separate press release, Forum Energy Technologies announced that it now expects second quarter 2013 earnings per share to be in the range of $0.32 to $0.34 per share, compared to previous estimate of $0.35 to $0.40 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.37 per share for the second-quarter. Analysts' estimates typically exclude special items.

Cris Gaut, Chairman and Chief Executive Officer of Forum said, "Our second quarter results were roughly flat with our first quarter results as we experienced slack demand for our consumable drilling products and flow equipment products."