The FTS Brasil will provide the services based on the FTSI’s vertically integrated business model in the US, involving the manufacture, assembly and servicing of well completion equipment such as high-pressure hydraulic pumps and mobile pressure pumping units.
FTSI chief executive officer Marc Rowland said, "This new venture with PETRA Energia demonstrates FTS International’s continuing commitment to developing new opportunities for our company to expand internationally."
PETRA Energia chairman Roberto Viana Batista said, "FTSI can provide the expertise, technology and resources to help us maximize critical natural resources."
The JV will also supply transportation, research and development, and laboratory services related to its well completion services.
FTS Brasil will try and seek manufacturing, production and other elements of its business locally.
The JV may also include products and services for mining, production, sourcing and marketing of raw materials such as proppants and specialized well completion additives.
The agreement is subject to approval from Brazil’s Economic Defense Administrative Council.
US based FTSI is a provider of well stimulation services for the oil and gas industry; PETRA Energia is a private Brazilian owned and operated exploration and production company.
