FRANK’S INTERNATIONAL ANNOUNCES BUSINESS UPDATE
“In addition, we are re-evaluating our financial outlook based on the further challenges to our business due to the sharp decline in commodity prices, which are leading our customers to reconsider their capital spending plans for 2020 and beyond. Although the situation remains fluid, based on the most recently available information, we expect to be materially impacted by reduced customer spending and activity, particularly in the
“Despite these circumstances beyond our control, the Frank’s management team continues to employ measures to ensure our balance sheet strength is maintained and our customers’ needs are met through this difficult period. We believe the Company has optionality to address the anticipated business declines and we are acting rapidly to changing conditions to further reduce our cost structure, defer or eliminate certain capital spending projects and constrain spending of all kinds. Our project management office overseeing the profitability improvement project is actively evaluating additional cost reductions that can be implemented. We are confident that we will exceed our targeted
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry and other guidance. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance.
Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended
About Frank’s International
Alison Greene – Manager, Corporate Communications
Source: Frank's International N.V.