Flotek Industries Announces Contract to Provide Certain Chemistry Technologies to AlMansoori Production Services Company of Abu Dhabi in the United Arab Emirates
HOUSTON, Aug. 8, 2013 /PRNewswire/ -- Flotek Industries, Inc.(NYSE: FTK) ("Flotek" or the "Company") today announced it has entered into a contract to provide certain advanced chemistry technologies and Enhanced Oil Recovery consulting services to AlMansoori Production Services Company, LLC ("MPS") of Abu Dhabi in the United Arab Emirates.
MPS is a wholly-owned subsidiary of AlMansoori Specialized Engineering (MSE), a leading provider of oilfield services in the Middle East.
The contract, the initial phase of which provides revenue potential of approximately $4.0 million, calls for Flotek to assist MPS in the development and execution of a program to enhance production in maturing wells and sustain long-term production utilizing Flotek chemistries.
"Flotek is honored to partner with MPS in its quest to continue to grow its advanced chemistry and consulting offerings, especially as it relates to enhanced recovery efforts," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "Being selected as a partner by a leading oilfield services company in the Middle East speaks volumes about the credibility of our team, the relationships our scientists have forged and the value our chemistry and expertise provide."
Flotek's Chief Technology Officer, Dr. Glenn Penny, will lead the efforts with MPS. Abu Dhabi has a number of maturing producing assets, including the Bab field, the largest onshore field in Abu Dhabi covering approximately 1,200 square kilometers. Flotek will work with MPS and its clients to enhance recovery opportunities through the use of Flotek chemistries in acidizing and other applications, including the use of Flotek's CnF® chemistries designed specifically for Enhanced Oil Recovery.
"Not only are we excited about our relationship with MPS for the actual contract but also for future opportunities inside of Abu Dhabi as well as in other parts of the region where EOR will become a much more important part of the production landscape in the years to come," said Penny. "We look forward to demonstrating the efficacy of our process and chemistries and look forward to a mutually beneficial relationship."
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at www.flotekind.com.
About AlMansoori Specialized Engineering
AlMansoori Specialized Engineering is the leading provider of oilfield services in the Middle East. Founded in Abu Dhabi, United Arab Emirates, in 1977, the company has grown to employ a workforce of 1, 00 across 21 countries throughout the world. In 2008, AlMansoori made the strategic decision to create holding companies AlMansoori Petroleum Services (AMPS) and AlMansoori Petroleum Industries (AMPI), which segregated the company's business units and manufacturing and fabrication unit respectively. Additionally, AlMansoori has developed an integrated project services division to ensure that clients who may use more than one of AlMansoori's skills experience seamless project management. Although the company's activities are predominantly based in the Middle East, it is continually expanding its operations in North Africa, Far East and South East Asia as well as North America and the North Sea region through a number of acquisitions and joint ventures with a number of internationally recognized companies. AlMansoori prides itself on having developed modern, world-class facilities equipped with state of the art technology and run by a team of highly skilled employees to service the international oil and gas industry.
Certain statements set forth in this Press Release constitute 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) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation. Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.
SOURCE Flotek Industries, Inc.