For the twelve months ended June 30, 2007, Schooner generated approximately $51.3 million of revenues and $21.4 million of EBITDA (defined as net income plus interest, taxes, depreciation and amortization)(A). Oil States will fund the transaction with amounts available under its existing credit facility. The transaction is expected to close on or about August 1, 2007.
"We are very pleased to announce the Schooner agreement and are excited about their future contributions to our rental tool operations," stated Cindy B. Taylor, Oil States' president and chief executive officer. "Schooner's services complement and expand our rental tool offering and increase our service offering in the key resource plays in the United States. We expect the transaction to be accretive to earnings by approximately $0.05 to $0.07 per diluted share for the remainder of the year. I would like to extend a warm welcome to all of the Schooner employees."
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