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Forum Energy, Deepsea Technologies Team Up for Tech Support

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Zacks Equity Research
·2 min read
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Forum Energy Technologies, Inc. FET formed an alliance with Deepsea Technologies Equipamentos Industriais Ltda to represent its Brazil-based operations based on the company’s long-term growth plans in South America.

Deepsea Technologies is a reputed business, which offers Forum Energy a strong channel to enhance its current organizational structure throughout the academic, survey and energy markets. Notably, Deepsea Technologies specializes in providing engineered products and services to the energy industry across the world. It mainly focuses on providing solutions for subsea and topside production systems as well as subsea intervention systems.

The association would enable Deepsea Technologies to provide business development and engineering support in Brazil for the benefit of Forum Energy. Further, it will offer full servicing, repair, calibration, upgrades and modifications for the remotely operated underwater vehicles of Forum Energy and related tooling. Moreover, it will be responsible for repairing and calibrating the torque machines.

On its part, Forum Energy hopes to see increasing demand for its products in Brazil and will continue to grow its in-country presence. Notably, the agreement assures that the company’s Brazil-based customers enjoy the same streamlined and constant support they are accustomed to anywhere in the world.

Company Profile & Price Performance

Headquartered in Houston, TX, Forum Energy is a global oilfield products company, which serves the drilling, completion, production and infrastructure sectors of the oil and natural gas industry.

Shares of the company have outperformed the industry in the past six months. The stock has gained 99.1% compared with the industry’s 63% growth.

Zacks Rank & Stocks to Consider

Forum Energy currently carries a Zack Rank #3 (Hold).

Some better-ranked players in the energy space are Chevron Corporation CVX, Exxon Mobil Corporation XOM, and Pioneer Natural Resources Company PXD, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron’s earnings for 2021 are expected to rise 15.5% year over year.

Exxon’s earnings for 2021 are expected to grow 20.3% year over year.

Pioneer’s earnings for 2021 are expected to rise 23.1% year over year.

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Forum Energy Technologies, Inc. (FET) : Free Stock Analysis Report

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