HOUSTON, July 2, 2012 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that its subsidiary, Oil States Industries, Inc., has entered into a definitive asset purchase agreement to acquire Piper Valve Systems, Ltd. Headquartered in Oklahoma City, Oklahoma, Piper Valve Systems designs and manufactures high pressure valves and manifold components for oil and gas industry projects located offshore, onshore and subsea. For the twelve months ended December 31, 2012, Piper is expected to generate approximately $34.0 million of revenues. Subject to customary post-closing adjustments, total transaction consideration was $48.0 million, funded from amounts available under Oil States' existing credit facility.
"Piper's valve technology will be very complementary to our Offshore Products segment, allowing us to integrate their valve products and services in various subsea applications," said Cindy B. Taylor, Oil States' president and chief executive officer. "Piper's valve technology is well respected in the marketplace which will allow us to join forces and increase our suite of global deepwater products and services. We are excited to welcome all of the Piper employees to the Oil States organization."
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.
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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 March 31, 2012 filed by Oil States with the SEC on April 30, 2012.
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