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FTS International To Form Saudi Arabia Joint Venture With Summit Technologies

05/18/2012 | 06:12pm US/Eastern

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. (>> Chesapeake Energy Corporation) 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

Stocks mentioned in the article : Chesapeake Energy Corporation
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