−Removed: Forum Energy Technologies, Inc., a Delaware corporation (the “Company,” “FET,” “we,” “our” or “us”), is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries.
−Removed: Our common shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “FET.” Our principal executive offices are located at 10344 Sam Houston Park Drive, Houston, Texas 77064, our telephone number is (713) 351-7900, and our website is www.f-e-t.com.
+Added: Forum Energy Technologies, Inc., a Delaware corporation (the “Company,” “FET,” “we,” “our” or “us”), is a global manufacturing company serving the oil, natural gas, defense and renewable energy industries.
+Added: Our common shares are listed on the New York Stock Exchange (“NYSE”) and NYSE Texas under the symbol “FET.” Our principal executive offices are located at 10344 Sam Houston Park Drive, Houston, Texas 77064, our telephone number is (713) 351-7900, and our website is www.f-e-t.com.
Our Annual Reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and all amendments thereto, are available free of charge in the “Investors” section of our website as soon as reasonably practicable after such reports are electronically filed with or furnished to the Securities and Exchange Commission (“SEC”).
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Information contained on or accessible from our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this report or any other filing that we make with the SEC.
−Removed: We are a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries.
−Removed: With headquarters in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers’ operations.
+Added: FET optimizes customer operations by improving safety, increasing efficiency, and reducing environmental impact.
Our highly engineered products include capital equipment and consumable products.
−Removed: FET’s customers 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.
+Added: FET’s customers include oil and natural gas operators, oilfield service companies, pipeline and refinery operators, defense contractors and renewable energy companies.
Consumable products are used by our customers in drilling, well construction and completion activities and at processing centers and refineries.
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In 2025, approximately 80% of our revenue was derived from consumable products and activity-based equipment, while the balance was primarily derived from capital products with a small amount from rental and other services.
−Removed: We expect that the world’s long-term energy demand will continue to rise for many decades.
−Removed: We also expect hydrocarbons will continue to play a vital role in meeting the world’s long-term energy needs while renewable energy sources develop to scale.
−Removed: As such, we remain focused on serving our customers in both oil and natural gas as well as renewable energy applications.
−Removed: We are continuing to develop products to help oil and gas operators lower expenses, increase production, and reduce their emissions while also deploying our technologies in renewable energy applications.
−Removed: In the first quarter 2024, following the acquisition (the “Variperm Acquisition”) of Variperm Holdings Ltd.
−Removed: (“Variperm”), we aligned our reportable segments with business activity drivers, our customer base, and the manner in which management reviews and evaluates operating performance.
−Removed: FET now operates in the following two reportable segments:
−Removed: (1) Drilling and Completions and (2) Artificial Lift and Downhole.
−Removed: Refer to Note 17 Business Segments for the product lines making up each segment.
−Removed: Our historical results of operations were recast retrospectively to reflect these changes in accordance with accounting principles generally accepted in the United States of America (“U.S.
−Removed: We incorporate by reference the segment and geographic information for the last two years set forth in Note 17 Business Segments , and the information with respect to the Variperm Acquisition set forth in Note 4 Acquisition .
+Added: We expect that the world’s long-term energy demand will continue to rise for the foreseeable future.
+Added: Hydrocarbons are expected to play a vital role in meeting the world’s long-term energy needs even as renewable energy sources grow in importance.
+Added: As such, we are focused on developing products to help oil and gas operators lower expenses, increase production, and reduce their emissions while also deploying our technologies in renewable energy applications.
DRILLING AND COMPLETIONS SEGMENT
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Our Drilling product line is influenced by global drilling activity, the level of capital investment in drilling rigs and equipment replacement as drilling contractors modify or replace existing rigs to improve capability, efficiency or safety, and the number of rigs in use, and the severity of operating conditions.
−Removed: Our Subsea product line is affected by global offshore activity, defense spending, subsea equipment and pipeline installation, repair and maintenance expenditures, and growth in offshore windfarm development.
+Added: Our Subsea product line is affected by global offshore activity, government defense system initiatives, subsea equipment and pipeline installation, repair and maintenance expenditures, and growth in offshore windfarm development.
Demand for our Stimulation & Intervention and Coiled Tubing product lines is impacted by the level of shale or tight sand basin hydraulic fracturing activity and the level of workover and intervention activity.
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Our tubular handling tools include elevators, clamps, rotary slips, rotary tongs, powered slips, spiders and kelly spinners.
−Removed: Our make-up and break-out tools, called Forum Roughneck™, automate a dangerous rig floor task and improve rig drilling speed and safety.
+Added: Our make-up and break-out tools, such as our FR-120 iron roughneck, automate a dangerous rig floor task and improve rig drilling speed and safety.
Our hydraulic catwalks mechanize the lifting and lowering of tubulars to and from the drill floor, eliminating or reducing the need for traditional drill pipe and casing “pick-up and lay-down” operations with associated personnel.
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We design and manufacture capital equipment and specialty components used in the subsea sector and provide a broad suite of complementary technical services.
−Removed: We have a core focus on the design and manufacture of ROV systems, other specialty subsea vehicles, and rescue submarines, as well as critical components of these vehicles.
+Added: We have a core focus on the design and manufacture of ROV systems, other specialty subsea vehicles, and submarine rescue vehicles, as well as critical components of these vehicles.
Many of our related technical services complement our vehicle offerings.
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The market for ROVs can be segmented into three broad classes of vehicles based on size and category of operations:
−Removed: (1) large work-class vehicles and trenchers for construction and installation activities, (2) drilling-class vehicles deployed from and for use around an offshore rig and (3) observation-class vehicles for inspection and light manipulation.
+Added: (1) large work-class vehicles and trenchers for construction and installation activities, (2) drilling-class vehicles deployed from and for use around an offshore rig, (3) observation-class vehicles for inspection and light manipulation and (4) diver support, seabed survey, port security, under hull search and a variety of other tasks.
We are a leading provider of work-class and observation class vehicles.
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Our Forum Sub-Atlantic ® branded observation-class vehicles are electrically powered and are principally used for inspection, survey and light manipulation, and serve a wide range of industries.
−Removed: In addition to ROVs, we design and manufacture subsea rescue vehicles capable of a range of tasks, including submarine rescue operations, diver support, seabed survey, port security, under hull search and a variety of other tasks.
+Added: Our Subsea product line also designs and manufactures subsea rescue vehicles capable of a range of tasks, including submarine rescue operations.
Our subsea vehicle customers are primarily large offshore service companies that serve the oil and natural gas, telecommunications, offshore wind power, and other industries operating in marine environments.
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We manufacture Dynacon ® branded ROV launch and recovery systems, linear cable engines, Sub-Atlantic ® branded ROV thrusters, and a wide range of hydraulic power units and valve packs.
−Removed: We design and manufacture these ROV components for incorporation into our own vehicles as well as for sale to other ROV manufacturers.
+Added: These ROV components are manufactured and designed for incorporation into our own vehicles as well as for sale to other ROV manufacturers.
We also provide a broad suite of subsea tooling and technical services.
+Added: The product line is also a provider of software and control system solutions for ROVs through our VisualSoft and ICE Unity offerings.
+Added: VisualSoft is a market leading provider of Digital Video and Data Acquisition and processing systems for survey and inspection of underwater assets.
+Added: ICE unity provides a software solution for ROVs that includes remote operations and comprehensive data access capability.
Stimulation and Intervention .
−Removed: We provide a broad range of high-pressure pumps and flow equipment used by pressure pumping companies during stimulation, intervention (principally plug and perforation activity) and flowback processes.
+Added: We provide a broad range of high-pressure pumps and flow equipment used by pressure pumping companies during stimulation (principally plug and perforation activity), intervention and flowback processes.
We sell power end assemblies, industrial heat exchanger and cooling systems, manifolds and manifold trailers, high-pressure flexible hoses and flow iron.
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We perform these services and position inventory in strategic locations in North America.
−Removed: We also manufacture pressure control products that are used for well intervention operations and sold domestically and internationally to oilfield service companies and equipment rental companies.
+Added: This product line manufactures electro-mechanical wireline cables as well as innovative EnviroLite branded (greaseless) cables.
+Added: Additionally, it manufactures pressure control products that are used for well intervention operations and sold globally to oilfield service companies and equipment rental companies.
Products we supply include blowout preventers for coiled tubing and wireline units, and our Hydraulic Latch Assembly and FASTConnect units, which are used to facilitate efficient zipper fracturing operations.
−Removed: We also manufacture electro-mechanical wireline cables as well as innovative EnviroLite branded (greaseless) cables.
We also conduct aftermarket refurbishment and recertification services for pressure control equipment.
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Our Cannon Services protectors are used to shield downhole control lines, cables and gauges during installation and to provide protection during production enhancement operations.
−Removed: We design and manufacture a variety of downhole protection solutions for electrical
−Removed: submersible pump (“ESP”) cabling, encapsulated control lines, sub-surface safety valves and permanent downhole gauges.
+Added: We design and manufacture a variety of downhole protection solutions for electrical submersible pump (“ESP”) cabling, encapsulated control lines, sub-surface safety valves and permanent downhole
We provide both standard and customized protection systems, and we utilize a range of materials in our products for various downhole environments.
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We utilize our international manufacturing partners to produce completed products and components for the majority of our valve products.
−Removed: Business history
−Removed: FET was incorporated in 2005 and on April 17, 2012, we completed our initial public offering.
−Removed: Since then, we have completed acquisitions to round out our offering in certain product lines and to build our Coiled Tubing and Stimulation and Intervention product lines.
As we provide a mix of consumable products, capital goods, and repair parts and services, the majority of orders and commitments included in our backlog as of December 31, 2025 are scheduled to be delivered within six months.
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The markets in which we operate are highly competitive.
−Removed: We compete with a number of companies of varying sizes, including large national and multinational companies, as well as smaller competitors on a regional or local basis.
We have no single competitor across all of our product lines.
−Removed: Some of our more significant competitors include manufacturing companies such as NOV Inc.
−Removed: and Tenaris S.A., and the manufacturing arms of SLB, TechnipFMC plc and Weatherford International PLC.
+Added: We compete with a number of companies of varying sizes, including large national and multinational companies, as well as smaller competitors on a regional or local basis.
+Added: Some of our multinational competitors include manufacturing companies such as NOV Inc.
+Added: and Tenaris S.A., and the manufacturing arms of SLB, TechnipFMC plc, Baker Hughes and Weatherford International PLC.
Patents, trademarks and other intellectual property
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The prices we pay for our raw materials may be affected by, among other things, energy, steel and other commodity prices, inflationary pressures, tariffs and duties on imported materials, and foreign currency exchange rates.
−Removed: Certain of our component parts, products or raw materials, such as bearings, are only available from a limited number of suppliers.
−Removed: Please see “Risk factors—Risks related to our business—We rely on relationships with key suppliers to operate and maintain our business.”
+Added: Certain of our component parts, products or raw materials are only available from a limited number of suppliers.
+Added: Please see “Risk Factors—Risks Related to Our Business and Operations—We rely on relationships with key suppliers to operate and maintain our business.”
Timely receipt of raw materials is critical to our business and we may not be able to continue purchasing raw materials on a timely basis or at acceptable prices in the future.
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This availability is especially critical for certain consumable products, causing us to carry substantial inventories for these products.
−Removed: For critical capital items in which demand is expected to be strong, we often build certain items before we have a firm order.
+Added: For critical capital items in which demand is expected to be strong, we may build certain items before we have a firm order.
Our having such goods available on short notice can be of great value to our customers.
−Removed: We also stock raw materials and components in order to be in a position to build products in response to market demand.
−Removed: We typically offer our customers standard payment terms of 30 days, although customers often take 65 days or more to settle accounts.
+Added: We also stock raw materials and components to build products in response to market demand.
+Added: We offer our customers standard payment terms of 30 days.
For sales into certain countries or for select customers, we might require payment upfront or credit support through a letter of credit.
For longer term projects, we typically require progress payments as important milestones are reached.
−Removed: On average, we collect our receivables in about 70 days from shipment resulting in a substantial investment in accounts receivable.
+Added: On average, we collect our receivables in approximately 70 days from shipment resulting in a substantial investment in accounts receivable.
Standard terms with our vendors are 60 days.
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Failure to comply with these laws or regulations or to obtain or comply with permits may result in the assessment of administrative, civil and criminal penalties, imposition of remedial or corrective action requirements, the imposition of injunctions to prohibit certain activities or force future compliance, and even criminal prosecution.
−Removed: The trend in environmental regulation has been to impose increasingly stringent restrictions and limitations on activities that may impact the environment, and thus, any changes in environmental laws and regulations or in enforcement policies that result in more stringent and costly waste handling, storage, transport, disposal, or remediation requirements could have a material adverse effect on our operations and financial position.
−Removed: Moreover, accidental releases or spills of regulated substances may occur in the course of our operations, and if so, we may incur significant costs and liabilities as a result of such releases or spills, including any third-party claims for damage to property, natural resources or persons.
+Added: Environmental regulations from federal, state, and local regulators are imposing increasingly stringent restrictions and limitations on activities that may impact the environment.
+Added: Any changes in environmental laws and regulations or in enforcement policies that result in more stringent and costly waste handling, storage, transport, disposal, or remediation requirements could have a material adverse effect on our operations and financial position.
+Added: Moreover, accidental releases or spills of regulated substances may occur in the course of our operations, and lead us to incur significant costs and liabilities, including any third-party claims for damage to property, natural resources or persons.
The following is a summary of the more significant existing environmental, health and safety laws and regulations to which our business operations are subject and for which compliance may have a material adverse impact on our capital expenditures, results of operations or financial position.
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We also contract with waste removal services and landfills.
−Removed: These properties and the substances disposed or released on them may be subject to the CERCLA, RCRA and analogous state laws.
+Added: These properties and the substances disposed or released on them may be subject to CERCLA, RCRA and analogous state laws.
Under such laws, we could be required to remove previously disposed substances and wastes, remediate contaminated property, perform remedial operations to prevent future contamination, or to contribute financially to efforts to do the same.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.