Franks International NV (FI) expects Mexico operations to be one of its growth drivers in 2016 and beyond, according to Robert Gilbert, the Senior Vice President of U.S. Offshore Operations.
“We really foresee growth in the Gulf of Mexico,” said Gilbert. “There’s deep water, and if you come closer to shore they can use a jackup rig. They have found a much deeper zone with high pressure, high temperature. That’s where Frank’s can work with the customer to reach those points without damage to the formation.”
The company has a $100 million inventory of pipe that can be used in deep water, Gilbert said. “This market will grow.”
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Frank’s International N.V. is a casings and equipment manufacturer and provides engineered tubular services to the oil and gas industry for offshore and onshore environments. Started over 75 years ago, it is now in 60 countries with 90 locations, employing 4,500 people, Gilbert said. The company has a staff of 50 engineers dedicated to designing equipment, Gilbert said.
Frank’s International expects international services and U.S. offshore operations to grow revenue at least 10%, offsetting an anticipated 10% revenue drop on U.S. land, according to Thomas Dunavant, Investor Relations Manager for the company. The company has “free cash flow in excess of our capital needs,” Dunavant said. “We currently have $450 million in cash and no debt.”
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