Forum Energy Technologies Announces Effect of Hurricane Harvey, Updates Third Quarter 2017 Guidance

HOUSTON–(BUSINESS WIRE)–Forum Energy Technologies, Inc. (NYSE: FET) announced today that its
third quarter results were adversely affected by Hurricane Harvey’s
widespread damage in Texas and Louisiana. Forum was impacted by
temporarily idled facilities and operations directly related to Harvey,
which resulted in foregone revenue and under-absorption of manufacturing
costs. The company also experienced the indirect effect of customer,
supplier and logistical delays.

Based on currently available information including the direct and
indirect impacts of Hurricane Harvey, the company now expects third
quarter revenue of approximately $200 million and a net loss of
approximately $0.20 per diluted share in the third quarter 2017.
Excluding approximately $0.10 per share of special items for taxes,
restructuring charges, transaction expenses and foreign exchange loss,
the adjusted net loss is expected to be approximately $0.10 per diluted
share.

Prady Iyyanki, Forum’s CEO, commented, “We were fortunate that none of
our facilities received significant damage, and all were fully
operational by the end of the third quarter. We are also pleased that
customer demand remains strong, as orders in the third quarter were up
from the prior quarter.”

The company will provide an update on its third quarter 2017 earnings
conference call to be held on Tuesday, October 31, 2017.

Forum Energy Technologies is a global oilfield products company,
serving the drilling, subsea, completions, 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. Forum is headquartered
in Houston, TX with manufacturing and distribution facilities
strategically located around the globe. For more information, please
visit www.f-e-t.com.

Forward Looking Statements and Other Legal Disclosure

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. Without limiting the generality of the
foregoing, forward-looking statements contained in this press release
specifically include the expectations of plans, strategies, objectives
and anticipated financial and operating results of the company,
including any statement about the company's future financial position,
liquidity and capital resources, operations, performance, acquisitions,
returns, capital expenditure budgets, new product development
activities, costs and other guidance included in this press release.

These statements are based on certain assumptions made by the company
based on management's experience and perception of historical trends,
current conditions, anticipated future developments and other factors
believed to be appropriate. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. Among other things, these include the volatility of oil and
natural gas prices, oilfield development activity levels, the
availability of raw materials and specialized equipment, the company's
ability to deliver backlog in a timely fashion, the availability of
skilled and qualified labor, competition in the oil and gas industry,
governmental regulation and taxation of the oil and natural gas
industry, the company's ability to implement new technologies and
services, the availability and terms of capital, and uncertainties
regarding environmental regulations or litigation and other legal or
regulatory developments affecting the company's business, and other
important factors that could cause actual results to differ materially
from those projected as described in the company's filings with the
Securities and Exchange Commission.

Any forward-looking statement speaks only as of the date on which such
statement is made and the company undertakes no obligation to correct or
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.

Contacts

Forum Energy Technologies, Inc.
Investor Contact
Mark Traylor,
281.368.1108
Vice President, Investor Relations
[email protected]
or
Media
Contact
Donna Smith, 281.949.2514
Director, Marketing &
Communications
[email protected]