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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
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
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.