Forum Energy Technologies (FET) is a Houston-based manufacturer of engineered equipment and consumable products for the oil and gas industry. FET makes the tools and components that drillers, completions crews, and production operators use — it does not drill wells or provide field services. Roughly 80% of revenue comes from consumables (wireline cables, coiled tubing strings, mud pump components, pressure control equipment) that wear out and need regular replacement, with the remaining ~20% from longer-lived capital equipment like tubular handling tools, ROVs, and hydraulic fracturing pumps. FET operates through two segments: Drilling and Completions (~63% of revenue), covering drilling tools, subsea ROVs, stimulation equipment, and coiled tubing; and Artificial Lift and Downhole (~37%), covering ESP protection systems, casing and cementing tools, sand control products, production separators, and valves. Because most revenue is activity-driven, FET's top line tracks global rig count and completions activity closely. The cost base is roughly 80-85% variable, which limits downside in soft markets, and management targets 30% incremental EBITDA margins on added revenue. FET's long-term plan targets doubling revenue organically by expanding proven U.S. products internationally, growing its subsea and defense ROV business, and pushing into adjacent markets like renewable gas transport and mobile power generation.