Latest news with #LARS
Yahoo
05-07-2025
- Business
- Yahoo
Why Forum Energy Technologies Stock Skyrocketed by 32% in June
The company announced a contract with the Indonesian Navy. It will build that organization a rescue submarine and accompanying technology. 10 stocks we like better than Forum Energy Technologies › Forum Energy Technologies (NYSE: FET), a somewhat under-the-radar product supplier to the oil and gas and defense industries, saw a dramatic increase in its share price in June. This was due mainly to a large contract it secured to provide components for a military client across the Pacific Ocean. Investors clearly liked what they heard about the new deal, as they bid up the company's stock by 32% during the month. In mid-month, Forum announced that it had executed a contract with the Indonesian Navy for the supply of a submarine rescue vehicle (SRV) system. The contract covers the SRV, along with a custom-designed launch and recovery system (LARS) and a decompression system. The SRV is an LR600, a craft purpose-designed and built for rescue operations, and will be equipped with the most up-to-date technology to locate submarines in need of rescue, Forum said. It can perform at depths of up to 605 meters (1,985 feet) and carry up to 20 people. According to the company, it is to be fully integrated with a hyperbaric rescue facility. The LR600 itself is being constructed at a Forum facility in England, while the LARS is to be manufactured in another facility in the company's home state of Texas. In the press release touting its Indonesian Navy contract, Forum quoted its CEO Neal Lux as saying, "Our cutting-edge technologies remain at the forefront of the subsea sector and the safety systems of choice for military and naval forces around the world," adding, "This award also showcases the breadth of our product portfolio and extensive technology capabilities across many differentiated end markets." Forum did not provide any financial details of the Indonesian Navy contract. Perhaps due to its work for government entities, Forum is not the most forthcoming company on the market. So, it feels entirely in character for it to provide only a bare-bones look at the Indonesia deal. Still, it's admirable that the company was able to win what must be a sizable contract for the SRV and the technology accompanying it. Without knowing the financial particulars of the deal, it's tough to gauge how it might impact Forum's fundamentals. We can say that the company knows how to improve its sales through contracts like this -- on an annual basis, they have climbed steadily and, at times, steeply, from just under $512.5 million in 2020 to over $816 million last year. The bottom line is less encouraging, as it has eked out a headline annual net profit only once ($3.7 million in 2022) across the same stretch of time. Before you buy stock in Forum Energy Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Forum Energy Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $699,558!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $976,677!* Now, it's worth noting Stock Advisor's total average return is 1,060% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 30, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Why Forum Energy Technologies Stock Skyrocketed by 32% in June was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
12-06-2025
- Business
- Yahoo
Forum Energy Technologies to Supply State of the Art Submarine Rescue System for Indonesian Navy
HOUSTON, Texas, June 12, 2025--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it executed a contract to supply a state-of-the-art submarine rescue vehicle system ("SRV") for use by the Indonesian Navy. The contract comprises an SRV, a launch and recovery system, and a decompression system. Neal Lux, President and Chief Executive Officer, remarked, "With 50 years of experience, FET has pioneered the development of manned and unmanned submersibles, and has supplied defense equipment and services to various countries across Europe and Asia. Our cutting-edge technologies remain at the forefront of the subsea sector and the safety systems of choice for military and naval forces around the world. This award also showcases the breadth of our product portfolio and extensive technology capabilities across many differentiated end markets. Building on our successful track record, we are excited to work on this important project." Product Details: The new LR600 model SRV, a piloted rescue submersible, will be capable of operating at depths of up to 605 meters, carrying 20 people, and will be fully integrated with a hyperbaric rescue facility. The SRV will also utilize the latest technologies to locate a distressed submarine and quickly transfer personnel. State of the art sensors and sonar are fully embedded into the FET systems to deliver advanced functionality, including automatic depth, heading, and piloting capabilities. Sea trials are planned for 2028. The SRV will be built at FET's Kirkbymoorside, Yorkshire, England facility and the bespoke LARS will be manufactured at FET's Bryan, Texas facility. FET® is a global manufacturing company, serving the oil, natural gas, industrial and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit View source version on Contacts Rob KuklaDirector Investor Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Business
- Yahoo
Forum Energy Technologies to Supply State of the Art Submarine Rescue System for Indonesian Navy
HOUSTON, Texas, June 12, 2025--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it executed a contract to supply a state-of-the-art submarine rescue vehicle system ("SRV") for use by the Indonesian Navy. The contract comprises an SRV, a launch and recovery system, and a decompression system. Neal Lux, President and Chief Executive Officer, remarked, "With 50 years of experience, FET has pioneered the development of manned and unmanned submersibles, and has supplied defense equipment and services to various countries across Europe and Asia. Our cutting-edge technologies remain at the forefront of the subsea sector and the safety systems of choice for military and naval forces around the world. This award also showcases the breadth of our product portfolio and extensive technology capabilities across many differentiated end markets. Building on our successful track record, we are excited to work on this important project." Product Details: The new LR600 model SRV, a piloted rescue submersible, will be capable of operating at depths of up to 605 meters, carrying 20 people, and will be fully integrated with a hyperbaric rescue facility. The SRV will also utilize the latest technologies to locate a distressed submarine and quickly transfer personnel. State of the art sensors and sonar are fully embedded into the FET systems to deliver advanced functionality, including automatic depth, heading, and piloting capabilities. Sea trials are planned for 2028. The SRV will be built at FET's Kirkbymoorside, Yorkshire, England facility and the bespoke LARS will be manufactured at FET's Bryan, Texas facility. FET® is a global manufacturing company, serving the oil, natural gas, industrial and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit View source version on Contacts Rob KuklaDirector Investor
Business Wire
12-06-2025
- Business
- Business Wire
Forum Energy Technologies to Supply State of the Art Submarine Rescue System for Indonesian Navy
HOUSTON, Texas--(BUSINESS WIRE)--Forum Energy Technologies, Inc. (NYSE: FET) announced today that it executed a contract to supply a state-of-the-art submarine rescue vehicle system ('SRV') for use by the Indonesian Navy. The contract comprises an SRV, a launch and recovery system, and a decompression system. Neal Lux, President and Chief Executive Officer, remarked, 'With 50 years of experience, FET has pioneered the development of manned and unmanned submersibles, and has supplied defense equipment and services to various countries across Europe and Asia. Our cutting-edge technologies remain at the forefront of the subsea sector and the safety systems of choice for military and naval forces around the world. This award also showcases the breadth of our product portfolio and extensive technology capabilities across many differentiated end markets. Building on our successful track record, we are excited to work on this important project.' Product Details: The new LR600 model SRV, a piloted rescue submersible, will be capable of operating at depths of up to 605 meters, carrying 20 people, and will be fully integrated with a hyperbaric rescue facility. The SRV will also utilize the latest technologies to locate a distressed submarine and quickly transfer personnel. State of the art sensors and sonar are fully embedded into the FET systems to deliver advanced functionality, including automatic depth, heading, and piloting capabilities. Sea trials are planned for 2028. The SRV will be built at FET's Kirkbymoorside, Yorkshire, England facility and the bespoke LARS will be manufactured at FET's Bryan, Texas facility. FET® is a global manufacturing company, serving the oil, natural gas, industrial and renewable energy industries. With headquarters located in Houston, Texas, FET provides value added solutions aimed at improving the safety, efficiency, and environmental impact of our customers' operations. For more information, please visit
Yahoo
26-03-2025
- Yahoo
Impaired driver arrested following Calcasieu Parish crash that killed motorcyclist
LAKE CHARLES, La. () — A Lake Charles man was arrested on multiple charges after a deadly crash on Monday night claimed the life of a motorcyclist. On March 24, shortly before 8 p.m., officials investigated a two-vehicle fatality crash at the intersection of Louisiana Highway 397 and Mary Ann Street. The crash claimed the life of 26-year-old Joseph Bourque of Iowa, Louisiana. Officials said the investigation revealed that Mickal Allison of Lake Charles was driving a 2001 Ford Ranger south on Louisiana Highway 397. At the same time, Bourque was riding a 2005 Suzuki motorcycle north on the highway. While attempting to turn left onto Mary Ann Street, officials said the Ford failed to yield and crossed into the path of the oncoming motorcycle, which struck the passenger side of the vehicle. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Despite wearing a DOT approved helmet, officials said Bourque sustained fatal injuries and died at the scene. Allison was uninjured while the Ford's passenger sustained serious injuries. During the investigation, officials said Allison displayed signs of impairment and was placed under arrest. He provided a breath sample which revealed a blood alcohol concentration over the legal limit. He was sent to a Calcasieu Parish jail and charged with vehicular homicide, vehicular negligent injuring, LA RS 32:122 vehicles turning left at intersections and operating a vehicle with a suspended license. There is currently no information on Allison's bond. This crash remains under investigation. GOP rallies behind debt limit hike in Trump tax bill, speedy timeline The MLB teams with the highest — and lowest — median ticket prices: report Helix A.I. and Medical Academy nears completion New Iberia Teen Court teach teens the justice system Youngsville high schooler honored as 'Young Hero' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
