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Update: Flotek Industries Shares Rise After Signing 10-Year Contract Worth Up to $400 Million in Puerto Rico

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(Updates with the latest stock movement in the first paragraph and headline.)

Flotek Industries (FTK) shares were up 11% in Monday trading after the company said it signed a 10-year agreement supporting natural gas-fired grid enhancement projects for the Puerto Rico Electric Power Authority, with an expected $400 million revenue backlog.

Under the deal, Flotek said it will provide gas-fired power generation equipment and deploy its smart conditioning and distribution systems as part of a 400-megawatt emergency power initiative.

The company said it expects annual revenue of about $40 million at full deployment, with equipment rollout beginning in Q4.

Price: $26.14, Change: $+2.60, Percent Change: +11.05%

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