Forum Energy Technologies Inc. (NYSE: FET) has named C. Christopher Gaut as CEO of the company by the board of directors to replace Prady Iyyanki, the company said Dec. 3.
Gaut will continue to serve as chairman of the board.
“Forum is a strong company with tremendous talent and significant upside potential. It is a privilege to be asked to lead the company once again,” Gaut said.
Gaut is a seasoned oil and gas industry executive. He has served as a member of Forum’s board of directors since 2006 and as chairman since 2010. In addition, Gaut previously served as Forum’s CEO from 2010 to May 2017. He served at Halliburton Co., a leading diversified oilfield services company, as president of the Drilling and Evaluation Division and prior to that as CFO, from March 2003 through April 2009. Prior to joining Halliburton in 2003, Gaut was CFO and co-COO of Ensco International, a provider of offshore drilling services.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Sustained lower oil prices may lead to Permian consolidation, the return of tough times to other shale plays and U.S. E&Ps helping rebalance global inventories.
In a two-hitter, Mid-Con Energy agreed to sell substantially all of its Texas properties while also picking up producing Oklahoma properties.