Oil States International has completed the acquisition of several related rental tool companies. The companies, based in South Texas, are leading providers of thru-tubing services and ancillary equipment rentals. These acquisitions strengthen Oil States' position in the thru-tubing and rental tool markets in South Texas, create a cohesive geographic footprint for rental tool services in the Gulf Coast and provide consolidation opportunities with its existing operations. These companies have been merged into Oil
States' rental tool subsidiary, and will report through its Well Site Services segment. Oil States paid a total of $34.7 million in cash for the stock of the companies. Combined revenues for the acquired companies for the year ended December 31, 2003 are expected to be approximately $15.4 million.
"We are excited about the successful completion of these acquisitions," stated Douglas E. Swanson, Oil States' president and chief executive officer. "We remain committed to growing our existing business lines through internal investment and strategic acquisitions. Our combined South Texas operations will expand the service component of our rental tool operations in the Gulf Coast."