FTS International Services, formerly Frac Tech, swung from a hefty profit in 2011 to a loss of $29.8 million as revenues slid 18 percent to $1.9 billion, the Fort Worth-based hydraulic fracturing service company reported.
In November, FTS replaced its CEO, naming Greg Lanham to the post. Lanham previously was managing director for energy investments at Temasek, Singapore's sovereign wealth fund, which acquired a majority stake in FTS in May 2011.
In a prepared statement issued Monday, FTS said its corporate parent, FTS International Inc., has reduced its corporate debt from $2 billion at the time Temasek acquired it to about $1.5 billion currently. Full story
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