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HOUSTON - Forum Energy Technologies , Inc. (NYSE:FET), a $238.49 million market cap energy equipment manufacturer, announced Monday the appointment of two new members to its Board of Directors, according to a recent 8-K filing with the Securities and Exchange Commission. The company’s board has been expanded to nine members with the addition of Aron H. Marquez and Mark W. Smith.
Both appointments were effective on Thursday, June 13, 2025. Marquez has been designated as a Class III director with a term set to expire at the 2027 Annual Meeting of Stockholders. He will also serve on the Nominating, Governance & Sustainability Committee, as well as the Compensation & Human Capital Committee. Smith will serve as a Class I director until the 2028 Annual Meeting of Stockholders and join the Audit Committee and Compensation & Human Capital Committee.
The two new directors have entered into the company’s standard indemnification agreement and will receive compensation in line with the company’s non-employee directors, including restricted stock awards valued at approximately $75,000. There are no reported arrangements or understandings between Marquez or Smith and any other persons related to their selection as directors, nor are there any transactions involving them that would require disclosure under SEC regulations.
Forum Energy Technologies, based in Houston, Texas, specializes in the manufacture of machinery and equipment for the oil and gas industry. With annual revenues of $807.31 million and a "Good" financial health rating according to InvestingPro, the company’s recent expansion of its board comes as part of its ongoing governance and oversight strategy.
Investors and stakeholders can refer to the company’s 8-K filing for further details on the board appointments. The stock has shown strong momentum with a 25.63% year-to-date return and appears slightly undervalued based on InvestingPro’s Fair Value analysis. For deeper insights into FET’s financial health, governance metrics, and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Forum Energy Technologies reported its financial results for the first quarter of 2025, with revenue reaching $193 million and EBITDA at $20 million. Orders increased by 6% to $211 million, reflecting a strong book-to-bill ratio of 104%. The company has also launched a $10 million annualized cost reduction program to streamline operations. In addition, Forum Energy Technologies secured a contract to supply a submarine rescue vehicle system to the Indonesian Navy, although the financial terms of the contract were not disclosed. Furthermore, the company announced the appointment of Mr. Michael McShane as the non-executive Chairman of its Board of Directors, succeeding Mr. C. Christopher Gaut. The leadership transition occurs as the energy sector shifts focus towards sustainability and efficiency. Forum Energy Technologies anticipates stable international operations despite potential declines in global drilling activity. The company remains optimistic about its future, supported by strong subsea bookings and innovative product developments.
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