Forum Energy Technologies, Inc. (NYSE: FET)

Forum Energy Technologies, Inc., known as FET, is a global manufacturing company that operates in the oil, natural gas, industrial, and renewable energy industries. Its common shares are publicly traded on the New York Stock Exchange under the symbol FET. The company is headquartered in Houston, Texas, and aims to enhance the safety, efficiency, and environmental impact of its customers' operations through its value-added solutions.

FET operates in three reporting segments: Drilling & Downhole, Completions, and Production. The Drilling & Downhole segment focuses on the drilling, artificial lift, and subsea markets. It provides capital equipment and consumable products used in the drilling process, downhole protection systems, and subsea vehicles. The Completions segment serves the coiled tubing, well stimulation, and intervention markets. Its products and solutions include capital and consumable products sold to the pressure pumping market, wireline cable, and pressure control equipment used in the well completion and intervention service markets. Lastly, the Production segment offers products and solutions for the production and infrastructure markets, such as engineered process systems, production equipment, and specialty separation equipment, as well as industrial valves.

The company competes with several companies of varying sizes in each of its segments. These competitors include National Oilwell Varco, Inc., Cameron International Corporation (a subsidiary of Schlumberger), TechnipFMC plc, Tenaris S.A., and Caterpillar, Inc. Despite the competition, FET holds multiple U.S. and international patents and trademarks, has pending patent and trademark applications, and has developed significant trade secrets or other know-how in the areas where it competes.

FET's customers are diverse and include oil and natural gas operators, land and offshore drilling contractors, oilfield service companies, pipeline and refinery operators, and renewable energy and new energy companies. In the Drilling & Downhole segment, the primary customers are oil and natural gas producers, and service companies providing completions, artificial lift, and other intervention services to producers. In the Completions segment, the primary customers are pressure pumping, wireline, and flowback service companies, as well as oil and gas operators. In the Production segment, the primary customers are U.S. oil and natural gas operators or producers.

In 2023, the company's backlog was approximately $241.6 million, and in 2022, it was approximately $264.8 million. The company's bookings, which consist of written orders or commitments for its products or related services, during the years ended December 31, 2023, and 2022, were approximately $724.3 million and $780.7 million, respectively.