The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from GlobeNewswire (a Nasdaq OMX company)

Oil States to Acquire Tempress Technologies

Monday, December 17, 2012

Oil States to Acquire Tempress Technologies04:00 EST Monday, December 17, 2012HOUSTON, Dec. 17, 2012 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that its subsidiary, Oil States Energy Services, Inc. ("OSES"), has acquired Tempress Technologies, Inc. ("Tempress"). 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, Inc. is a publicly traded company on the New York Stock Exchange under the ticker symbol OIS. For more information on the Company, please visit Oil States International's website at http://www.oilstatesintl.com. The Oil States International, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6058 The foregoing contains forward-looking statements within the meaning of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included therein will be based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the oilfield service industry and other factors discussed within the "Business" and "Risk Factors" sections of the Form 10-K for the year ended December 31, 2011 filed by Oil States with the SEC on February 17, 2012 and the "Risk Factors" section of the Form 10-Q for the three months ended September 30, 2012 filed by Oil States with the SEC on November 2, 2012.CONTACT: Company Contact: Bradley J. Dodson Oil States International, Inc. 713-652-0582