Forum Energy's Offshore Drilling Record Q4 2013 Performance
Houston-based Forum Energy Technologies report in Q4 & Year 2013 financial results that its Drilling & Subsea segment achieved a 5% increase in sequential revenue compared to the third quarter 2013 on record quarterly sales of drilling and downhole equipment and products, partially offset by delays related to remotely operated vehicles and subsea components.
Fourth quarter 2013 revenue of $394 million compared to $330 million for the fourth quarter 2012. Net income for the fourth quarter was $35 million or $0.36 per diluted share compared to $24 million or $0.26 per diluted share for the prior year period. Included in the fourth quarter results were $0.03 per share of restructuring charges and several non-operational items. Excluding these items, adjusted diluted earnings per share were $0.39.
Forum’s total revenue for the full year 2013 was $1.5 billion, an increase of $110 million, or 8% from 2012. Net income was $130 million or $1.37 per diluted share. Included in the full year 2013 results were $0.13 per share of restructuring charges and several non-operational items. Excluding these items, adjusted diluted earnings per share were $1.50.
Cris Gaut, Forum’s Chairman and Chief Executive Officer, remarked, "Forum had a challenging year in 2013, yet had a number of important achievements. We realized free cash flow of $151 million, issued $400 million senior unsecured notes, and integrated seven acquisitions including three that closed in 2013.
"During the fourth quarter 2013, we achieved record revenue of $394 million and record orders of $387 million.
About the Company
Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors of the oil and natural gas industry. The Company’s products include highly engineered capital equipment as well as products that are consumed in the drilling, well construction, production and transportation of oil and natural gas. With over 3,500 employees, Forum is headquartered in Houston, TX with manufacturing and distribution facilities strategically located around the globe.