FTS International To Form Saudi Arabia Joint Venture With Summit Technologies

Date : 05/18/2012 @ 6:26PM
Source : Dow Jones News
Stock : Chesapeake Energy Corp. (CHK)
Quote : 4.965  0.125 (2.58%) @ 12:39PM

FTS International To Form Saudi Arabia Joint Venture With Summit Technologies

Chesapeake (NYSE:CHK)
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Oilfield services company FTS International said Friday it has agreed to establish its first international joint venture with a Saudi Arabian company to provide services in that country and Oman.

U.S.-based FTS International, which is led by a former Chesapeake Energy Corp. (CHK) executive, will team up with Summit Technologies Co. to form FTS Arabia. The joint venture will provide well completion services for onshore conventional and unconventional fields.

Chesapeake owns 30% of FTS International. The company, formerly known as Frac Tech Services, registered for an initial public offering last fall but hasn't yet priced or sold shares.

- By Angel Gonzalez, Dow Jones Newswires; 713-547-9214;angel.gonzalez@dowjones.com

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