Frack Firm FTS International Hires Restructuring Advisers
Posted on 04/13/2020
Singapore’s Temasek Holdings is the largest shareholder in FTS International, Inc., one of the largest independent hydraulic fracturing service companies. At December 31, 2019, Temasek had 41,617,144 shares, or a 38.9% stake of FTS, while the second biggest SWF shareholder was Korea Investment Corporation (KIC) holding 3,609,650 shares, or a 3.37% stake. FTS International was formerly known as Frac Tech. In 2011, Temasek and RRJ Capital bought a 70% stake in Frac Tech.
FTS International, the fracking giant, hired restructuring advisers due to adverse conditions posed by globally low oil prices. In a March 23, 2020 press release, FTS CEO Michael Doss said, “Low oil prices combined with limited, if any, access to capital has ensured that our customers are reacting quicker than ever before.”
Q Investments LP, a Texas family office and through its unit Q Global Advisors, LLC, built up a 2.41% stake, in FTS.
RRJ Management (HK) Ltd. and Chesapeake Energy Corporation are major holders of FTS.
