<SEC-DOCUMENT>0001193125-21-183159.txt : 20210916
<SEC-HEADER>0001193125-21-183159.hdr.sgml : 20210916
<ACCEPTANCE-DATETIME>20210604172158
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-183159
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANK'S INTERNATIONAL N.V.
		CENTRAL INDEX KEY:			0001575828
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				981107145
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		MASTENMAKERSWEG 1
		CITY:			DEN HELDER
		STATE:			P7
		ZIP:			1786 PB
		BUSINESS PHONE:		31223670000

	MAIL ADDRESS:	
		STREET 1:		POSTBUS 9182
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1006 AD

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Frank's International N.V.
		DATE OF NAME CHANGE:	20130501
</SEC-HEADER>
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<TYPE>CORRESP
<SEQUENCE>1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FRANK&#146;S INTERNATIONAL N.V. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Mastenmakersweg 1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1786 PB Den
Helder </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Netherlands </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June&nbsp;4, 2021
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy&nbsp;&amp; Transportation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Frank&#146;s International N.V. </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Filed April&nbsp;26, 2021 </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">File <FONT STYLE="white-space:nowrap">No.&nbsp;333-255496</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the
responses of Frank&#146;s International N.V. (the &#147;<B><I>Company</I></B>&#148;, &#147;<B><I>Frank&#146;s</I></B>,&#148; &#147;<B><I>we</I></B>,&#148; &#147;<B><I>us</I></B>&#148; or &#147;<B><I>our</I></B>&#148;), to comments received from the
staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) with respect to the Registration Statement on Form
<FONT STYLE="white-space:nowrap">S-4,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-255496,</FONT> filed with the Commission on April&nbsp;26, 2021 (the &#147;<B><I>Registration Statement</I></B>&#148;) (1) by the letter dated
May&nbsp;21, 2021 and (2)&nbsp;telephonically on May&nbsp;24, 2021. Concurrently with the submission of this letter, the Company is filing an Amendment No.&nbsp;1 to the Registration Statement (the &#147;<B><I>Amended Registration
Statement</I></B>&#148;). The responses include information provided by Expro Group Holdings International Limited (&#147;<B><I>Expro</I></B>&#148;) in response to certain of the comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, each response is prefaced by the exact text of the Staff&#146;s corresponding comment in bold, italicized text. All
references to page numbers and captions correspond to the Amended Registration Statement unless otherwise specified. All capitalized terms not otherwise defined herein shall have the meaning assigned to them in the Amended Registration Statement.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Questions and Answers </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Q: What are the
material U.S. federal income tax consequences to the Franks shareholders as a result of the Merger?, page 11 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your disclosure that there should be no material U.S. federal income tax consequences to the
current Frank&#146;s shareholders as a result of the Merger. We also note that in rendering its fairness opinion, Moelis assumed, with your consent, that the transaction will qualify as a tax free reorganization for federal income purposes and that
one of the factors that the Frank&#146;s Board considered in approving and recommending </I></B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B><I>
approval of the merger was that it was intended to qualify for federal income tax purposes as a reorganization within the meaning of Section&nbsp;368(a) of the Code. In this regard, we note that
Section&nbsp;5.14(a) merger agreement provides that the parties intend that the merger qualifies as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code. Please revise to state clearly whether the transaction will
qualify as a reorganization and file an opinion as to the material tax consequences of the merger. Refer to Item 601(b)(8) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Section III of Staff Legal Bulletin No.&nbsp;19.
</I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended
Registration Statement to more clearly explain that, because the Frank&#146;s shareholders will retain their shares of Frank&#146;s Common Stock, will not receive any merger consideration and will not receive any additional shares of Frank&#146;s
Common Stock in the Merger, there will be no material U.S. federal income tax consequences to the current Frank&#146;s shareholders as a result of the Merger, regardless of whether the Merger qualifies as a &#147;reorganization&#148; within the
meaning of Section&nbsp;368(a) of the Code. Furthermore, the Amended Registration Statement has also been revised to make clear that, although the Merger is intended to qualify as a &#147;reorganization&#148; within the meaning of
Section&nbsp;368(a) of the Code, and Frank&#146;s and Expro intend to report the Merger consistent with such qualification, such treatment is not a condition to Frank&#146;s or Expro&#146;s respective obligation to complete the Merger. Given the
foregoing, we respectfully submit to the Staff that no U.S. federal income tax opinion is required to be filed pursuant to Item 601(b)(8) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> or Section III.A of Staff Legal Bulletin No.&nbsp;19.
Please see pages 7 and 28. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Summary </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Treatment of Expro Warrants, page 20 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your disclosure that immediately prior to the effective time Frank&#146;s will execute a
replacement warrant agreement and issue a replacement warrant. Please file a form of replacement warrant agreement as an exhibit to your registration statement or tell us why you believe you are not required to do so. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has filed a form of warrant agreement with respect
to the replacement warrants as Exhibit 10.4 to the Amended Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Risk Factors, page 32 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please ensure that you have provided all information required by Item 105 of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> with respect to Expro. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company
respectfully advises the Staff that, following further review, it has revised the risk factors to include an additional risk factor regarding the expected concentration of the Combined Company&#146;s stock ownership. Please see page 41. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Opinion of Frank&#146;s Financial Advisor </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Discounted Cash Flow Analysis - Standalone, page 71 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that Moelis selected the terminal value multiple range for Frank&#146;s and Expro by reference to
the long-term trading multiples of the selected companies described in the filing for the calendar years 2008 through 2014. Please expand your disclosure to discuss the rationale for choosing the calendar years 2008 through 2014 for the long-term
trading multiples. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that is
has revised the Amended Registration Statement to discuss Moelis&#146; rationale for choosing the calendar years 2008 through 2014 for purposes of its analysis of long-term trading multiples. Please see pages 72, 73 and 77. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Selected Publicly Traded Companies Analysis - Standalone, page 73 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please discuss whether any companies meeting the selection criteria were excluded from the Offshore
Focused Products and Manufacturing selected companies in Moelis&#146;s Selected Publicly Traded Companies Analysis. In addition, please clarify the impact on the analysis, if any, of Moelis&#146;s determination that manufacturing companies included
in the selected companies were less relevant due to such companies having significantly more onshore and manufacturing focused operations when compared to Frank&#146;s and Expro. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">RESPONSE:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that no publicly traded offshore focused products companies were
excluded from the Moelis Selected Publicly Traded Companies Analysis. The Company has revised the Amended Registration Statement to disclose this point. The Company has also revised the Amended Registration Statement to disclose that the
manufacturing companies were included in the Selected Publicly Traded Companies Analysis because they provide some similar products to a similar customer base as the Company and Expro. Please see page 74. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Discounted Cash Flow Analysis - Pro Forma Combined, page 76 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please clarify the equity risk premium and size premium utilized in determining the WACC range.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">RESPONSE:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended
Registration Statement to disclose that Moelis utilized equity risk premium and size premium data from the Duff &amp; Phelps Cost of Capital Navigator to estimate the WACC range for the Combined Company. Please see pages 76 and 77. The Company has
also revised the Amended Registration Statement to disclose that Moelis utilized equity risk premium and size premium data to estimate the WACC range for each of the Company and Expro. Please see page 72. The Company also respectfully advises the
Staff that Moelis believes that it has disclosed all material information regarding the WACC range used in its DCF Analyses in a manner consistent with its previous disclosures reviewed by the Staff. To address the Staff&#146;s comment, Moelis has
added more disclosure regarding the source of the equity risk premium and size premium data. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Miscellaneous, page 78 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>7.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise your disclosure to quantify the opinion fee and transaction fee paid or to be paid to
Moelis for delivery of its fairness opinion and the specific amount of the fee that is contingent upon the consummation of the transaction. In that regard, we note </I></B></P></TD></TR></TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD ALIGN="left" VALIGN="top"><B><I>
that the fairness opinion states on page <FONT STYLE="white-space:nowrap">B-3</FONT> that in addition to its opinion fee, Moelis will receive a fee for acting as financial advisor in connection
with the transaction, the principal portion of which is contingent upon the consummation of the transaction. Refer to Item 1015(b) of Regulation <FONT STYLE="white-space:nowrap">M-A.</FONT> </I></B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended Registration Statement to
disclose Moelis&#146; fee.&nbsp;Please see page 79. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Prospective Financial Information, page 79 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>8.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please describe and quantify, as applicable, the material market growth assumptions, such as oil and gas
commodity prices, domestic and international rig and well counts, and global drilling and completion spending that underlie the projected financial information. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended Registration Statement to
disclose management&#146;s material assumptions underlying the projected financial information. Please see page 82. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Material Dutch Tax
Consequences, page 148 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>9.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your discussion of Dutch tax consequences in this section. Item 601(b)(8) of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> requires you to file a tax opinion where the tax consequences are material to an investor and a representation as to the tax consequences is set forth in the filing. Please file a tax opinion as an exhibit to
the filing with respect to such tax consequence, or provide your analysis as to why you do not believe such an opinion is required. For guidance, please refer to Section III of Staff Legal Bulletin No.&nbsp;19. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has filed a legal opinion as to the Dutch tax
consequences of the merger as Exhibit 8.1 to the Amended Registration Statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Combined Financial Information
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to Pro Forma Condensed Combined Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>4. Estimated Preliminary Merger Consideration and the Preliminary Purchase Price Allocation, page 159 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>10.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Based on disclosure in footnote 6(a) on page 163, we note the identifiable tangible and intangible assets
acquired and liabilities assumed of Frank&#146;s include trademarks, tradename, customer relationships, patented technology and research and development intangible assets, and each of the intangible assets have an estimated useful life of 10 years.
Please expand your disclosure to describe the methods and key assumptions used to estimate the fair values of the identified intangible assets and explain how the estimated useful lives were determined. </I></B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it
has revised its disclosure on page 162 to describe the methods and key assumptions used to estimate the fair values of the identified intangible assets and to explain how the estimated useful lives were determined. Please note that upon further
consideration of the average patent life remaining and the time period future cash flows are expected to be generated, the estimated useful lives of the patented technology and research and development intangible asset categories have been increased
from 10 years to 15 years. Please see page 165. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>5. Notes to Unaudited Pro Forma Condensed Combined Balance Sheet Pro Forma Adjustments, page 161
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>11.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please tell us why there are no transaction accounting adjustments for deferred taxes given the
recognition of goodwill and intangible assets upon your preliminary allocation of the estimated preliminary merger consideration to the identifiable tangible and intangible assets acquired and liabilities assumed of Frank&#146;s.
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the
disclosure on page 163 to note that due to significant combined U.S. net operating loss carryover from the combined entities, we expect a valuation allowance will continue to be required for the Combined Company going forward and therefore no tax
adjustments associated with the recognition of goodwill and intangible assets has been reflected on the pro forma condensed combined balance sheet. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations of Expro </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Results of Operations </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Year ended
December&nbsp;31, 2020 Compared to year ended December&nbsp;31, 2019, page 189 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>12.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note that you provide multiple factors for the increase or decrease of revenue, cost of revenue,
general and administrative expenses and other line items of your consolidated statements of operations. Please expand your disclosures to quantify the significant factors that contributed to the period to period changes. To the extent applicable,
similar revisions should also be included in your discussion of operating segment results. Refer Item 303(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended Registration Statement to
quantify the significant factors that contributed to period to period changes in the results of operations and segment results discussions. Please see pages 194 through 205. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Year ended December&nbsp;31, 2019 compared to the 2018 Periods, page 191 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>13.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your presentation of the combined results for the predecessor and successor periods for the year
ended December&nbsp;31, 2018 when discussing the results of operations and cash flows from operating, investing and financing activities in Management&#146;s Discussion and Analysis. Please note that it is generally inappropriate to combine the
financial information for predecessor and successor periods for purposes of MD&amp;A as the financial statements are prepared on a different bases of accounting and are therefore not comparable. In this regard, please revise your MD&amp;A to
separately present and discuss the historical results of your predecessor and successor or explain to us how your presentation complies with Item 303 of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> To the extent you include supplemental
comparative discussion of the results for fiscal years 2019 and 2018 prepared on a pro forma basis, it should reflect all relevant pro forma adjustments in accordance with Article 11 of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT>
</I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the
Amended Registration Statement separately discuss the predecessor and successor results of operations and cash flows.&nbsp;Please see pages 190, 198, 199, 200, 204 and 205. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Net Cash Provided by Operating Activities, page 198 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>14.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise your disclosure to quantify and discuss the underlying reasons for the material changes in
your operating cash flows, as depicted in the consolidated statement of cash flows. Refer to Section IV.B.1 of SEC Release <FONT STYLE="white-space:nowrap">No.&nbsp;33-8350.</FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended Registration Statement to
quantify and discuss the material changes in operating cash flows.&nbsp;Please see pages 206, 207, 208 and 209. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Directors of the Combined Company,
page 205 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>15.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please provide the disclosure required by Item 402 of Regulation
<FONT STYLE="white-space:nowrap">S-K</FONT> for Messrs. Jardon, Fanning, Truelove, Arbeter and Schrager. Refer to Item 18(a)(7) of Form <FONT STYLE="white-space:nowrap">S-4.</FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully submits to the Staff that Item 402 disclosure for Messrs. Jardon, Fanning,
Truelove, Arbeter and Schrager (the &#147;<B><I>Expro Directors and Officers</I></B>&#148;) should not be required under Form <FONT STYLE="white-space:nowrap">S-4</FONT> and Item 402. The Company acknowledges that Item 18(a)(7)(ii) of Form <FONT
STYLE="white-space:nowrap">S-4</FONT> requires Item 402 disclosure for individuals who will serve as executive officers of the surviving company. However, Item 402 disclosure is required for &#147;named executive officers&#148; only. As Expro is not
subject to SEC reporting requirements, it has no &#147;named executive officers&#148; within the meaning of Item 402. Additionally, the determination of who is considered a &#147;named executive officer&#148; of the registrant is based on the
officer capacity or compensation earned &#147;during the last completed fiscal year&#148; not on future officer capacity or on compensation to be earned. As a result, Item 402 information for Messrs. Jardon and Fanning should not be required under
Form <FONT STYLE="white-space:nowrap">S-4</FONT> and Item 402. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Company respectfully submits to the Staff that the
presentation of historical compensation for the Expro Directors and Officers and other disclosure under Item 402 of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> is not material to the investment decision of Frank&#146;s shareholders in
connection with the vote regarding the Merger. Furthermore, the Staff has acknowledged that historical </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 7
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
compensation information prior to a merger is generally not relevant following the merger. The Company respectfully refers the Staff to Interpretation 217.02 of the Staff&#146;s
Compliance&nbsp;&amp; Disclosure Interpretations, which is set forth below and supports the Company&#146;s view that Item 402 disclosure would not be required with respect to the Expro Directors and Officers for periods prior to the Merger based on
the following: (i)&nbsp;both Frank&#146;s and Expro are established operating companies with substantial ongoing businesses, (ii)&nbsp;Expro will be merged with and into a direct wholly owned subsidiary of Frank&#146;s (&#147;<B><I>Merger
Sub</I></B>&#148;), with Merger Sub surviving the Merger as a direct, wholly owned subsidiary of Frank&#146;s and (iii)&nbsp;neither Frank&#146;s nor Expro was a shell company, as defined in Securities Act Rule 405 prior to the Merger. The Company
also intends to follow this guidance in the preparation of its 2022 definitive proxy statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The registrant will not begin to
compensate the Expro Directors and Officers until after consummation of the merger; and, accordingly, Item 402 disclosure for such individuals would not be required until no earlier than in the registrant&#146;s annual report for the year ended
December&nbsp;31, 2021 (which is expected to be the first year the Expro Directors and Officers begin to receive compensation directly from the registrant) or as permitted by Commission rules, in the registrant&#146;s annual meeting proxy statement
that it prepares in connection with its 2022 annual meeting of shareholders. As disclosed on page 219 of the Amended Registration Statement, the amount of compensation that will be paid to the directors and members of management of the Combined
Company is not known at this time and will be determined by the Combined Company Board upon the recommendation of a compensation committee comprised solely of independent directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>217.02 of the Staff&#146;s Compliance</U><U></U><U>&nbsp;&amp; Disclosure Interpretations</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following a merger among operating companies, there is no concept of &#147;successor&#148; compensation. <B><U>Therefore, the surviving company
in the merger need not report on compensation paid by predecessor corporations that disappeared in the merger.</U></B> Similarly, a parent corporation would not pick up compensation paid to an employee of its subsidiary prior to the time the
subsidiary became a subsidiary (i.e., when it was a target). Moreover, income paid by such predecessor companies need not be counted in computing whether an individual is a named executive officer of the surviving corporation. A different result may
apply, however, in situations involving an amalgamation or combination of companies. A different result also applies where an operating company combines with a shell company, as defined in Securities Act Rule 405, as provided in Interpretive
Response 217.12, below. <B><U>(emphasis added)</U></B> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Security Ownership of Certain Beneficial Owners and Management, page 222 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>16.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please revise to provide the information required by Item 403 of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> with respect to Expro and the combined company. Refer to Item 18(a)(5)(ii) of Form <FONT STYLE="white-space:nowrap">S-4.</FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended Registration Statement to
include a beneficial ownership table for Expro.&nbsp;Please see pages 234, 235 and 236. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 8
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to the Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>5. Segment Information, page <FONT STYLE="white-space:nowrap">F-62,</FONT> page <FONT STYLE="white-space:nowrap">F-62</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>17.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note on page <FONT STYLE="white-space:nowrap">F-20</FONT> that during 2020 you changed your internal
organization and reporting structure to combine your Europe and the Commonwealth of Independent States (&#147;ECIS&#148;) and <FONT STYLE="white-space:nowrap">Sub-Saharan</FONT> Africa (&#147;SSA&#148;) operating segments into one segment Europe and
<FONT STYLE="white-space:nowrap">Sub-Sahara</FONT> Africa (&#147;ESSA&#148;). Please tell us why you did not restate previously reported reportable segment information pursuant to ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-34.</FONT></FONT></FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;The Company respectfully advises the Staff that it has revised the Amended Registration Statement to
recast its 2018 segment presentation to the current presentation.&nbsp;Please see pages <FONT STYLE="white-space:nowrap">F-62,</FONT> <FONT STYLE="white-space:nowrap">F-63</FONT> and <FONT STYLE="white-space:nowrap">F-64.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 4, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 9
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct any questions that you have with respect to the foregoing or if any additional
supplemental information is required by the Staff, please contact Michael S. Telle of Vinson&nbsp;&amp; Elkins L.L.P. at (713) <FONT STYLE="white-space:nowrap">758-2350.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">FRANK&#146;S INTERNATIONAL N.V.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Melissa Cougle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Melissa Cougle</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Michael S. Telle, Vinson&nbsp;&amp; Elkins L.L.P. </P></TD></TR></TABLE>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
