HOUSTON, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) announced today that its subsidiary, Oil States Industries, Inc., has entered into a definitive agreement to purchase all of the outstanding capital stock of Acute Technological Services, Inc. ("Acute"). Headquartered in Houston, Texas and with operations in Brazil, Acute provides metallurgical and welding innovations to the oil and gas industry in support of critical, complex subsea component manufacturing and deepwater riser fabrication on a global basis. For the twelve months ended December 31, 2010, Acute is expected to generate approximately $25.0 million of revenues. Subject to customary post-closing adjustments, total transaction consideration was $30.0 million, funded from cash on hand and amounts available under its existing credit facility.
"We are excited about Acute's future contributions to our Offshore Products operations and welcome the addition of Acute's high quality employees," stated Cindy B. Taylor, Oil States' president and chief executive officer. "Acute's services and technical expertise complement our existing technologies and increase our service capabilities to be offered to the offshore, deepwater market globally."
Oil States International, Inc. is a diversified oilfield services company. With locations around the world, Oil States is a leading supplier of a broad range of services to the oil and gas industry, including remote site accommodations, production-related rental tools, oil country tubular goods distribution and land drilling services as well as a leading manufacturer of products for deepwater production facilities and subsea pipelines. Oil States is publicly traded on the New York Stock Exchange under the 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 Factor" sections of the Form 10-K for the year ended December 31, 2009 filed by Oil States with the SEC on February 22, 2010 and the "Risk Factor" section of the Form 10-Q for the three months ended June 30, 2010 filed by Oil States with the SEC on August 5, 2010.