FORT WORTH, TX, September 6, 2013 – FTS International (FTSI) announced today that it has closed the sale of substantially all of the assets of its proppant business and related logistics assets to Fairmount Minerals (Fairmount). FTSI also has a long-term proppant supply agreement with Fairmount to provide proppant for FTSI’s well completion customers.
FTSI intends to use the net proceeds from the sale for debt reduction. The terms of the transaction are not being disclosed by the parties.
FTSI Chief Executive Officer Greg Lanham commented, “The sale of these assets further enables FTSI to refine the company’s focus on its core well completion business. We look forward to a long-term partnership with Fairmount efficiently supplying quality proppant for our customers.”
FTS International (www.ftsi.com) is a leading provider of well completion services, including pressure pumping, wireline and water management. Exploration and production companies use FTSI’s products, services and expertise to enhance recovery rates from oil and gas wells, primarily in unconventional plays.
Director of Corporate Communications
SOURCE FTS International Services, LLC