Houston-based Forum Energy Technologies Inc. has agreed to pay $237 million in a cash-and-stock trade to become sole owner of Global Tubing, a coiled tubing supplier for oil and gas producers.

Quantum Energy Partners, which has helped fund the joint venture for four years, agreed to take 10 million shares of Forum common stock, cash from an existing bank credit facility and cash on hand. Closing is expected by the end of September.

Dayton, TX-based Global Tubing provides coiled tubing, coiled line pipe and related services to oilfield services (OFS) customers worldwide. Completion of the transaction is subject to regulatory approvals and other customary closing conditions.

“The acquisition of the remaining Global Tubing interests will have significant benefits for Forum’s current shareholders, including Global Tubing’s strong free cash flow and high operating margins,” said Executive Chairman Cris Gaut. “Although the acquisition of Quantum’s interest in Global Tubing will bring an end to our successful joint venture, we are very pleased that Quantum will continue to partner with Forum in a new way, as a major, direct shareholder in the company.”

Quantum is a heavy investor in the U.S. onshore, with a long portfolio of exploration and production companies, midstream ventures and OFS operations, including its recent decision to provide $450 million to Vitruvian IV to build an Eagle Ford Shale portfolio.

Forum provides products for the drilling, subsea, completions, production and infrastructure sectors of the oil and natural gas industry. During 2Q2017 revenue was $201 million, an 18% sequential increase. Net losses totaled $78 million (minus 81 cents/share), versus a year-ago net loss of $16 million (minus 16 cents).

Forum’s completions segment revenue in the second quarter was $55 million, a 29% increase sequentially, primarily because of customer spending on pressure pumping equipment. New inbound orders totaled $67 million, a 31% increase from 1Q2917, resulting in a book-to-bill ratio of 123%.

The completions segment primarily works in North America to design and manufacture products for the well construction, completion, stimulation and intervention markets.

“Forum is benefiting from the recovery in the U.S. land drilling and completions activity,” said CEO Prady Iyyanki during the second quarter conference call. “We expect continued strong demand for our completions and production and infrastructure products because of their exposure to North American completions activity, even if the rig count flattens or declines.”