Market Overview

FTS International Announces Successful Confirmation of Plan of Reorganization

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FTS International, Inc. (NYSE:FTSI) ("FTSI" or the "Company"), today announced that the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division has confirmed its Prepackaged Plan of Reorganization (the "Confirmed Plan").

Under the terms of the Confirmed Plan, which was approved at a hearing on November 4, 2020, the Company accomplished the elimination of all of its prepetition funded debt, approximately $437 million. Importantly, the Confirmed Plan ensures that the Company's vendors, suppliers, and customers will remain unaffected by the reorganization. The Company's existing equity holders will also receive a recovery under the Confirmed Plan. Additionally, on November 3, 2020, the Company settled its dispute with Covia Holdings Corporation.

"I am pleased to have reached an agreement with all parties involved and look forward to emerging from Chapter 11 in the next couple of weeks," said Michael Doss, Chief Executive Officer of FTSI. "The overwhelming support by all parties involved and confirmation by the court will allow FTSI to emerge from the process debt-free and in an ideal position to navigate the current environment and take advantage of future opportunities. I appreciate our customers, our vendors, and our employees for working through this process with us and am excited that FTSI will be better positioned than ever before and continue being a leader in the well completions space."

The Company anticipates finalizing the Confirmed Plan over the coming weeks, subject to standard and customary closing procedures and conditions. FTSI anticipates full emergence from Chapter 11 proceedings by the end of November of 2020.

Advisors

Kirkland & Ellis LLP and Winston & Strawn LLP are acting as legal counsel, Lazard is acting as financial advisor, and Alvarez & Marsal LLP is acting as restructuring advisor to the Company in connection with the restructuring. Davis Polk & Wardwell LLP is acting as legal counsel and Ducera Partners LLC and Silver Foundry, LP are acting as financial advisors to the ad hoc group of secured noteholders. Stroock & Stroock & Lavan LLP is acting as legal counsel to the ad hoc group of term lenders.

About FTS International, Inc.

Headquartered in Fort Worth, Texas, FTS is an independent hydraulic fracturing service company and one of the only vertically integrated service providers of its kind in North America.

To learn more, visit www.FTSI.com.

Forward Looking Statements

This press release contains "forward-looking statements" related to future events. Forward-looking statements contain words such as "expect," "anticipate," "could," "should," "intend," "plan," "believe," "seek," "see," "may," "will," "would," or "target." Forward-looking statements are based on management's current expectations, beliefs, assumptions and estimates and may include, for example, statements regarding our ability to finalize the Prepackaged Plan and emerge from our Chapter 11 proceedings. These statements are subject to significant risks, uncertainties, and assumptions that are difficult to predict and could cause actual results to differ materially and adversely from those expressed or implied in the forward-looking statements, including risks and uncertainties regarding the Company's ability to successfully complete a restructuring under Chapter 11, including: consummation of the restructuring; the Company's ability to meet certain conditions in the RSA; potential adverse effects of pursuing protection under Chapter 11 of the Bankruptcy Code (the "Chapter 11 Cases") on the Company's liquidity and results of operations; the Company's ability to obtain timely approval by the bankruptcy court with respect to the motions filed in the Chapter 11 Cases; objections to the Company's recapitalization process or other pleadings filed that could protract the Chapter 11 Cases; employee attrition and the Company's ability to retain senior management and other key personnel due to the distractions and uncertainties; the Company's ability to comply with financing arrangements; the Company's ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 Cases and other matters; the effects of the Chapter 11 Cases on the Company and on the interests of various constituents, including holders of the Company's common stock; the bankruptcy court's rulings in the Chapter 11 Cases, including the approvals of the terms and conditions of the restructuring and the outcome of the Chapter 11 Cases generally; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases; risks associated with third party motions in the Chapter 11 Cases, which may interfere with the Company's ability to consummate the restructuring or an alternative restructuring transaction; increased administrative and legal costs related to the Chapter 11 process; potential delays in the Chapter 11 process due to the effects of the COVID-19 virus; and other litigation and inherent risks involved in a bankruptcy process. Forward-looking statements are also subject to the risk factors and cautionary language described from time to time in the reports the Company files with the U.S. Securities and Exchange Commission, including those in the Company's most recent Annual Report on Form 10-K and any updates thereto in the Company's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. The Company has no obligation to update or revise these forward-looking statements and does not undertake to do so.

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