{"id":793388,"date":"2024-12-09T08:32:09","date_gmt":"2024-12-09T13:32:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/"},"modified":"2024-12-09T08:32:09","modified_gmt":"2024-12-09T13:32:09","slug":"forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/","title":{"rendered":"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions"},"content":{"rendered":"<p>        <!--.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>$75 million share repurchase program<\/b><\/li>\n<li><b>Net Proceeds of $20 million from sale-leaseback transactions<\/b><\/li>\n<\/ul>\n<p>HOUSTON&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nForum Energy Technologies, Inc. (NYSE: FET) (\u201cFET\u201d) today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET\u2019s common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended or discontinued at any time. In addition, it may be executed using open market purchases pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in privately negotiated agreements pursuant to Rule 10b5-1 plans or other transactions.<\/p>\n<p>\nUnder the terms of the company\u2019s outstanding Senior Secured Bonds, share repurchases are subject to a Leverage Ratio of 1.5x. Such Leverage Ratio is calculated by dividing (i) net debt as of a testing date not earlier than one month prior to the date shares are repurchased, by (ii) Adjusted EBITDA, as reported in the company\u2019s most recent publicly filed financial report. For purposes of determining net debt, the capitalized value of finance leases is included in the calculation. Until such time as FET\u2019s Leverage Ratio is less than 1.5x, the company will not repurchase its common stock. Permitted cash distributions each year are subject to a maximum limit of 50% of FET\u2019s Adjusted Net Cash Flow to Equity in the previous calendar year. Any unutilized portion of such permitted cash distributions may not be carried forward to future years.<\/p>\n<p>\nIn the fourth quarter, FET completed sales of two manufacturing facilities located in Texas. Net proceeds totaled approximately $20 million. The properties remain an integral part of FET\u2019s operations and long-term lease agreements were executed in connection with the transaction.<\/p>\n<p>\nNeal Lux, FET\u2019s President and Chief Executive Officer, remarked, \u201cWe are committed to maintaining conservative net leverage by using a meaningful portion of our free cash flow to further reduce debt. In addition, FET is focused on returning cash to its shareholders. The size of our share repurchase program reflects our confidence to generate consistent free cash flow in 2025 and beyond.\u201d<\/p>\n<p>\nThis press release is for informational purposes only and is neither an offer to buy nor the solicitation of an offer to sell any shares of FET\u2019s common stock.<\/p>\n<p><i>FET is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.f-e-t.com&amp;esheet=54163396&amp;newsitemid=20241209427778&amp;lan=en-US&amp;anchor=www.f-e-t.com&amp;index=1&amp;md5=203655e9b74633abc45561216e2ecbdc\">www.f-e-t.com<\/a>.<\/i><\/p>\n<p><b>Cautionary Statement Regarding Forward-Looking Statements<\/b><\/p>\n<p>\nStatements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201clikely,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201ccould,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cshould,\u201d \u201cwill\u201d and similar words and specifically include statements regarding the share repurchase program. The forward-looking statements contained in this press release are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated. For additional information regarding known material risks, you should also carefully read and consider FET\u2019s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, which are available on the Securities and Exchange Commission\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=54163396&amp;newsitemid=20241209427778&amp;lan=en-US&amp;anchor=www.sec.gov&amp;index=2&amp;md5=e4581a2188939349b5be41945baa8304\">www.sec.gov<\/a>. Each forward-looking statement speaks only as of the date of the particular statement, and FET undertakes no obligation to update or revise any forward-looking statements, except as required by law.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209427778r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241209427778\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241209427778\/en\/<\/a><\/span><\/p>\n<p>\nRob Kukla<br \/>\n<br \/>Director Investor Relations<br \/>\n<br \/>281.994.3763<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Rob.Kukla@f-e-t.com\">Rob.Kukla@f-e-t.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Texas United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Energy Other Energy Oil\/Gas<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241209427778\/en\/1866398\/3\/FET-logo-color-web.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions $75 million share repurchase program Net Proceeds of $20 million from sale-leaseback transactions HOUSTON&#8211;(BUSINESS WIRE)&#8211; Forum Energy Technologies, Inc. (NYSE: FET) (\u201cFET\u201d) today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET\u2019s common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-793388","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions $75 million share repurchase program Net Proceeds of $20 million from sale-leaseback transactions HOUSTON&#8211;(BUSINESS WIRE)&#8211; Forum Energy Technologies, Inc. (NYSE: FET) (\u201cFET\u201d) today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET\u2019s common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended &hellip; Continue reading &quot;Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-09T13:32:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209427778r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions\",\"datePublished\":\"2024-12-09T13:32:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\\\/\"},\"wordCount\":723,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20241209427778r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\\\/\",\"name\":\"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions - 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(NYSE: FET) (\u201cFET\u201d) today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET\u2019s common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended &hellip; Continue reading \"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/","og_site_name":"Market Newsdesk","article_published_time":"2024-12-09T13:32:09+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209427778r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions","datePublished":"2024-12-09T13:32:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/"},"wordCount":723,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241209427778r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/forum-energy-technologies-announces-75-million-share-repurchase-program-and-completion-of-sale-leaseback-transactions\/","name":"Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions - 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