Fort Worth oil services firm announces IPO plans

Fort Worth-based oil field services company FTS International Inc. announced today it plans an initial public offering

If the IPO is consummated, FTS International intends to use the net proceeds for general corporate purposes, which include repaying existing indebtedness, according to a company news release.

FTS International had planned an IPO valued at $1.1 billion in 2012, but cancelled the plans after a softening in the market for its hydraulic fracturing services.

Since then, the company has reduced its debt and, in mid-2016, replaced its CEO and CFO.

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In 2015, the company announced it provided well stimulation services for EQT Corp. and it’s record-setting Utica well in southwestern Pennsylvania.