HOUSTON, March 23, 2017 (GLOBE NEWSWIRE) -- Frank’s International N.V. (NYSE:FI) (the “Company” or “Frank’s”), a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions, received notification that entities controlled by certain members of the Mosing family and related family members have sold approximately 5.6 million shares of the Company’s common stock to Morgan Stanley.
Morgan Stanley intends to make the shares of Frank’s International common stock available for re-sale to third parties. Frank’s International is not offering any stock in this transaction and will not receive any proceeds from the sale of the shares by the family members. The proceeds to the Mosing family and related family members from the sale of shares are expected to satisfy tax obligations of the Mosing family members which arose from the conversion of preferred shares to common shares in August 2016. Following the sale, members of the Mosing family and affiliated entities own an approximate 75% interest in the Company.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of such shares of common stock in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Frank’s International
Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular running services, tubular fabrication, and specialty well construction and well intervention solutions with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has approximately 3,000 employees and provides services to leading exploration and production companies in both onshore and offshore environments in over 60 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s website, www.franksinternational.com.