Texas-based FTS International announced Friday it has secured its first international joint venture.
FTS International and Summit Technologies Co. Ltd. will form a new company that will provide well completion products and services for oil and natural gas wells in Saudi Arabia and Oman.
FTS Arabia Ltd. will have a vertically integrated business model similar to its parent company.
It will manufacture and build high-pressure hydraulic pumps and mobile pressure pumping units using in hydraulic fracturing wells. The company also may provide raw materials such as proppants and other well completion additives.
“We are excited to make our first venture into the international marketplace for oil and gas services with such an esteemed partner,” FTS CEO Marc Rowland said. “Summit has operated in the KSA (Kingdom of Saudi Arabia) and the Gulf region for two decades, partnering with other companies to expand their businesses in the region. Summit’s knowledge and experience in the region, partnered with FTSI’s technical expertise and experience in the oilfield services business, our vertical integration, quality manufacturing operations, and extensive supply chain network, will make this a very successful venture for both entities.”
FTS International is a leading provider of well stimulation services for the oil and natural gas industry.
Chesapeake Energy Corp. owns a 30 percent stake in the Fort Worth-based company, but the company could sell its holdings in FTS International as it works to overcome a looming cash crunch.