Flotek Industries, Inc. announces agreement to divest drilling technologies segment
Wednesday, May 03, 2017
Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) has entered into a definitive agreement to divest its Drilling Technologies segment to National Oilwell Varco, L.P. ("NOV") for a total consideration of $17.0 million, subject to normal working capital adjustments. The transaction is expected to close by mid-May. In-line with the Company's ongoing initiatives, proceeds will go towards reducing the outstanding debt on its balance sheet.

John Chisholm, Flotek's Chairman, President and Chief Executive Officer commented, "As we began our internal review of our business segments roughly a year ago, we have analyzed our current positioning, future opportunities, the broader energy market, and listened to our shareholders. This process has led us to arrive at this point which marks a transformation from a diversified oilfield service company into an asset-light, data and technology focused custom chemistry provider with an expanding set of global energy and industrial end markets. Our Drilling Technologies division has been a foundation of Flotek for well over a decade and its resiliency through the cycles has been a testament to the proprietary equipment and high impact employees. We look forward to provide our first quarter results and update our shareholders with ongoing initiatives over the coming days."

Flotek is scheduled to release its first quarter earnings report Wednesday, May 3, after the market close and will host a conference call on Thursday, May 4, at 7:30 AM CDT (8:30 AM EDT).

About Flotek Industries, Inc.

Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek's inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK."

For more information, please visit: http://www.flotekind.com
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