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Slide #98. Oil States International, Inc. — Tempress Technologies, Inc.
Oil States International, Inc. (NYSE:OIS)
Tempress Technologies, Inc.
Oil States International, Inc. announced that its subsidiary, Oil States Energy Services, Inc. has acquired Tempress Technologies, Inc. Headquartered in Kent, Washington, Tempress designs, develops and markets a suite of highly specialized, hydraulically activated tools utilized during downhole completion activities. For the twelve months ended December 31, 2012, Tempress is anticipated to generate approximately $8.0 million of EBITDA. Subject to customary post-closing adjustments, total transaction consideration was $52.5 million, funded from amounts available under Oil States' existing U.S. revolving credit facility. "Tempress' portfolio of patented tools and specialized services used in horizontal well applications are a welcome addition to OSES' already broad range of proprietary tools and services. I am excited about the strength of the products and customer relationships that Tempress will bring to our broad suite of completion tools and services," said Cindy B. Taylor, Oil States' president and chief executive officer. Oil States International, Inc. is a diversified oilfield services company and is a leading, integrated provider of remote site accommodations with prominent market positions in the Canadian oil sands and the Australian mining regions. Oil States is also a leading manufacturer of products for deepwater production facilities and subsea pipelines as well as a provider of completion-related rental tools, oil country tubular goods distribution and land drilling services to the oil and gas industry.
Oil States International, through its subsidiaries, is an oilfield products and services company serving the drilling, completion, subsea, production and infrastructure sectors of the oil and gas industry. Co. is also a provider of completion services to the industry. Co. operates through three segments: well site services, whose operations primarily include completion-focused equipment and services as well as land drilling services; downhole technologies, which provides oil and gas perforation systems and downhole tools; and offshore/manufactured products, which designs, manufactures and markets capital equipment utilized on floating production systems, among others.
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Hold (2.40 out of 4)
(ranked lower than approx. 85% of all stocks covered)
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