(WO) – Forum Energy Technologies’ Drilling and Completions segment posted revenue of $147 million in the third quarter, up 6% from the second quarter and about 25% from a year earlier, with growth across every product line. The segment supplies consumable products and capital equipment to the drilling, subsea, coiled tubing, wireline and stimulation markets.
By product line, Drilling revenue rose to $39.2 million from $35.5 million in the prior quarter, and Coiled Tubing climbed to $34.2 million from $31.8 million. Subsea revenue reached $34.7 million, up from $33.5 million sequentially and from $23.6 million a year ago, while Stimulation and Intervention brought in $39.1 million. Together the four lines made up 62% of company revenue.
Segment adjusted EBITDA increased 28% to $21 million on operating leverage and cost management, lifting the adjusted EBITDA margin to 14.3% from 11.9%. Orders of $142 million gave a book-to-bill ratio of 97%, as the company worked through deliveries on Drilling and Subsea projects.
In Artificial Lift and Downhole, revenue rose 3% to $90 million, helped by the newly acquired Premiere Torque Rings business and higher demand for sand and flow control solutions and valve products. Adjusted EBITDA held at about $21 million as higher freight and tariff costs offset growth. Orders of $102 million produced a 113% book-to-bill on strong processing equipment and technology bookings.
FET bought Premiere Torque Rings during the quarter. President and CEO Neal Lux said the deal adds “differentiated technology and a trusted brand” that widens the company’s addressable market and global growth opportunities.
Company-wide, revenue rose 5% sequentially to $237 million, orders reached $244 million for a 103% book-to-bill, and adjusted EBITDA increased 14% to $36 million, with margin expanding to 15%. Average global rig count across the quarter was 1,901, up from 1,759 in the second quarter, and revenue per rig was about $125,000.
Citing strong demand and improving industry activity, FET raised its full-year 2026 guidance to revenue of $900 million to $920 million and adjusted EBITDA of $123 million to $129 million, increases of 15% and 46% over 2025. Fourth-quarter guidance calls for revenue of $230 million to $250 million and adjusted EBITDA of $33 million to $39 million. Lux said the company expects to “carry meaningful momentum into 2027” as it works toward its FET 2030 objectives.
Third-quarter free cash flow exceeded $30 million, and net leverage fell to 0.9 times.
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